Appearing on NFL Network's Good Morning Football, Ballard said Luck is "in a great spot right now."
Luck missed the entire 2017 season after undergoing shoulder surgery.
Ballard said Friday that the organization is "comfortable" with where Luck is in his recovery but noted that he isn't yet throwing the football.
He added that Luck is working on building up strength and refining his throwing motion without actually throwing passes.
Earlier this month, Luck addressed reporters and expressed optimism regarding his eventual return from injury, per ESPN.com's Mike Wells: "There is a timetable, but I'm not going to share it with you guys. I'm very, very confident and very, very optimistic I'm going to be absolutely fine and come back better than I was. I'll be a better quarterback, a better teammate, a better person."
Luck never recovered enough from the right shoulder surgery he underwent last offseason to play in 2017, but the Colts have opted for more rehab rather than another surgery.
Without Luck, Jacoby Brissett served as Indy's primary starter, and the Colts finished just 4-12.
Luck led Indy to the playoffs with an 11-5 record in each of his first three NFL seasons, and he was named to the Pro Bowl in each of those campaigns as well.
The high-water mark for the 2012 No. 1 overall draft pick came in 2014 when he threw for 4,761 yards and an NFL-leading 40 touchdowns.
While Luck went just 8-7 as a starter in 2016, he enjoyed a strong statistical year with 4,240 yards, 31 touchdowns and 13 interceptions.
The Colts have missed the playoffs in three straight seasons, and they need a healthy Luck in order to be competitive in 2018 due to the deficiencies they have elsewhere on both sides of the ball.