The three-time champion jockey was hurt close to Warren Hill in Newmarket in April when the two-year-old he was riding for David Simcock spooked. Spencer, 40, twice champion in Britain and once in Ireland, took a heavy fall onto a concrete walkway.
Operated on at Addenbrooke's Hospital in Cambridge shortly afterwards, Spencer has recently resumed riding work for Simcock and building up his fitness but is playing it safe and taking his time over a possible return.
Spencer said: "I've been riding out a bit for David and also riding the ponies at home but I'm not going to rush back as the last thing I want is to come back too soon and have another setback. I'm happy enough with my condition but it's down to the doctors."
While he was recovering through April and May, Spencer missed no race-riding with racing cancelled due to the Covid-19 outbreak.
Spencer, who rode five winners from 17 rides in 2020 before lockdown, added: "If there was one season to be injured it was this one I suppose but it's a long year and hopefully I'll be able to make up for lost time in the autumn."