Juan Manuel Correa's family say the injured Formula 2 driver is now fully conscious and has chosen to have surgery on his right leg rather than amputation.
The Sauber Junior Team driver, who was injured in the Spa F2 feature race incident that claimed the life of Anthoine Hubert, was brought out of an induced coma last week but was said to be at risk of "irreversible injuries" to his leg.
His parents said on Friday that his lungs "have recovered much faster than anticipated" - Correa was originally placed in intensive care and the induced coma after developing Acute Respiratory Distress Syndrome - which would allow doctors to start focusing on his injuries.
They also confirmed he had been moved to a hospital in London that specialises in orthopaedic surgery, which he is expected to undergo on Sunday.
"Juan Manuel is now fully conscious, and his lungs have recovered much faster than anticipated," read a family statement.
"His overall physical improvement and willpower has doctors impressed.
"The main objective this week has been to get Juan Manuel in the best condition possible for his surgery on Sunday that will be 10+ hours in duration.
"Sunday's surgery will be crucial in determining Juan Manuel's future.
"Doctors will have, for the first time since the accident, complete access to the wounds on his lower right leg. They will be able to determine the actual level of damage to his tibia, ankle, and foot.
"During surgery, they will save what can be saved and removed what needs to be removed in order to rebuild his right lower leg to the best possible condition."
The family added the pace of Correa's recovery had made surgeons, who they described as the best in their field, "cautiously optimistic" about the procedure but stressed his injuries are "severe, and the surgery procedure is very complex".
"Doctors gave Juan Manuel the option of right foot reconstructive amputation. He has chosen NOT to have the amputation and to proceed with the surgery, understanding all the challenges involved," the statement added.
"Additional details will be provided on Juan Manuel's condition when available."