Jensen has been forced to sit out the last five Premier League matches after he sustained a calf injury while on international duty in September.
As a result, the Denmark international has not played for the Bees since he provided an assist in a 3-1 win over Southampton on August 31.
In Jensen's absence, Brentford have recorded just one victory in five league games (D1, L3), leaving them in 13th place in the Premier League table.
Brentford handed Jensen injury boost
Speaking in Friday's pre-match press conference, Frank confirmed that Jensen will return to the squad for Saturday's Premier League fixture.
"He will be involved in the squad, which is very positive," the Brentford boss told reporters. "He has trained all week and looks good."
Having made over 200 competitive appearances for the Bees, Jensen's imminent return will bring valuable experience and quality to the Brentford squad.
When fit, Jensen is usually one of the first names on Frank's teamsheet, but it remains to be seen whether he will be fit to start Saturday's clash or eased back into action as a substitute.
Frank provides update on injured trio
Frank revealed that Rico Henry is making progress in his recovery from a long-term knee injury which has kept him out of action since September 2023.
"Rico is getting closer, but not close enough [for Ipswich]," Frank said. "I don't know if cautious is the right word, but we want to get it right.
"When a player has been out for a long time, you want to be sure when you put him on the pitch that he is ready. I'd love to say something now, but it's better for me to come to a future press conference and say: 'Tomorrow, Rico is available.'"
Frank also provided an update on Igor Thiago and Gustavo Nunes, who are sidelined with knee and back injuries respectively.
The Brentford boss added: "Both of them are running around on the pitch, but not with the team. That's positive."
Frank will hope those available for selection can help Brentford maintain their unbeaten home start to the season, having seen his side take 10 points from their four league matches at the Gtech Community Stadium this season.