MotoGP great Valentino Rossi has been passed fit to compete at his home Italian Grand Prix this weekend, after injuring his abdomen and chest in a motocross accident.

His team said in a statement that Rossi had undergone a medical at the Mugello circuit on Friday.

"Movistar Yamaha MotoGP's Valentino Rossi is declared fit to participate in this weekend's Gran Premio d'Italia Oakley," the statement said.

"Earlier this afternoon the nine-time world champion underwent a routine medical check-up at the Autodromo del Mugello.

"Fans from all over the world can breathe a sigh of relief," the statement said.

The statement explained that medical heads representing the circuit, federation and series had all declared the 38-year-old to be "in a suitable condition" to race.