Nicholls has had a shoulder operation to repair wear and tear and Ostergaard ended 2021 on the sidelines after suffering multiple injuries in a crash at Edinburgh in July.
Both riders, who played a key part in Peterborough’s Premiership title glory in 2021, will be back in club colours in a familiar team with only one change to last season.
Nicholls said: “I’m getting there with the shoulder. Surgery went well and it’s now a case of time and patience. I have to keep it in the sling for a few more weeks which is slightly frustrating as I can be a little impatient wanting to do stuff.
“I can’t drive or do anything like that yet so I’m relying on others to get me about which isn’t ideal, but I just have to grin and bear it for a few more weeks. I’m on the mend though which is the main thing.”
Ostergaard, who is back home in Denmark, is happy with his progress.
He said: “The back is getting stronger every day now and I’m able to do most things with it. I’m planning to do more fitness work early in the new year to build the strength up.
“It was so frustrating how last season ended for me personally especially after the way the season had started, but it has just made me more determined to come back stronger and have a solid season next year.
“I was enjoying my racing so much and I can’t wait to get back on a bike again.”
Panthers bosses have been reflecting on 2021 and have reported a healthy upturn in attendance levels.
After finishing bottom in 2019 and losing the entire 2020 season fans returned in big numbers culminating in thousands enjoying the Grand Final with Belle Vue.
TV viewing figures have also increased with the first year of a new deal with Eurosport and Quest as part of the Discovery channel.