The 29-year-old sustained a severe head injury during a horse-riding accident in May, leaving him in a coma.
After waking up from the coma last month, Rico remained in the intensive care unit (ICU) in the Virgen del Rocio hospital in Seville, but his wife, Alba Silva, has given a positive update.
"We are very happy, he was moved out [of the ICU] to another ward and he's doing well. We can now be with him 24 hours. Sergio is in good spirits," Silva said to reporters.
"He has been with me 100 per cent, that is the greatest thing and we are very happy. Everyone has been a lifesaver for me: my mother, my friends, my sister."
The goalkeeper will likely now endure a tough rehabilitation process after spending 22 days in the induced coma. However, his wife explained that he was quickly able to recognise his family and communicate through gestures.
Out of respect for their player, PSG cancelled their Ligue 1 title celebration ceremony this season, while his team-mates wore jerseys displaying his name as a show of support towards the end of the campaign.