After a career that has brought upon him two very public court cases - in which he was cleared of all wrongdoing - and battles with addictions, Fallon has undergone a lengthy rehabilitation process which has included meetings with a psychotherapist.
Though he admits he is "excited" by the prospect of his return to the saddle, he would appear to be apprehensive as a child on their first day at school.
"I know this is my last shot. It's up to myself from here," he admits. "When I get on a horse now, I just feel totally different. Whenever I ride, I go back to the days when I was riding over 200 winners a year. It remains to be seen if I am going to be tactically as sharp as I was?
"I know my timing is perfect. My times [fractions] were good in America when I was back there in the winter. In work here, it seems fine.
"My mind's great. Physically, I'm great. Whether the sharpness is still there . . . ?"
Fallon is still considering the options for the scene of his eagerly-awaited comeback ride.
Catterick, Chepstow, plus the all-weather meetings at Lingfield and in the evening at Kempton, provide the fare on 4 September before bigger fixtures - and rides - come thick and fast.
Fallon said: "Unfortunately the meetings that we have are not the ones I would have chosen, we might have to go to Chepstow and I haven't ridden on the all-weather at Kempton yet, so that will be an unknown.
"Catterick would really sharpen you up. I actually love riding around Catterick, it sharpens you up. You have to be on the ball."
One thing's for certain: the sport needs its stars and Frankie Dettori aside, there is no bigger name than Fallon, who is sure to again be a force on the biggest stage sooner rather than later.
His last ride in public was when partnering Dylan Thomas to beat Youmzain in the 2007 Prix de l'Arc de Triomphe. This time it seems likely that he will be aboard the runner-up in this season's renewal at Longchamp on 4 October.
"I want to win the Arc again if I can. I've had some offers, some good rides.
"Obviously it has been no secret about Youmzain, who has been placed twice. I have been asked if I could ride him in Baden-Baden in Germany on 6 September, and then the Arc."
It is clear that the greatest jockey of his generation is going to be in demand - and that can only be good news for the sport.
