Brett Favre is back!

OK, it’s not official just yet. But the fact that he had ankle surgery last week is a pretty clear indication that he plans to return for another NFL season, and fantasy footballers should be thrilled with the news.

Despite the fact that he’s very long in the tooth (let’s be honest), Favre was still a star in fantasy leagues last season.

The old gunslinger finished fourth in fantasy points among all players on NFL.com, throwing for 4,202 yards (his best total since 1998) to go along with 33 touchdown passes (his best total since 1997) and just seven interceptions (his lowest full-season total ever). So if you’re worried about the fact that he’s in his 40s, don’t be.

Favre also has a very favorable schedule in 2010, facing great matchups against the Bears (2), Lions (2), Giants, Eagles, Cardinals and Dolphins. Favre also faces the Packers twice – he threw for a combined 515 yards and seven touchdowns against them last season.

While I wouldn’t rank him in the top five at his position – Aaron Rodgers, Drew Brees, Peyton Manning, Tom Brady and Philip Rivers are better options – I still see Favre as a No. 1 fantasy quarterback and worth a low middle-round pick.

If Favre does in fact return, it’s also great news for Adrian Peterson, Sidney Rice, Percy Harvin and Visanthe Shiancoe.

Peterson needs to cut down on his fumbles, but he’s still a top-three pick on draft day. Rice and Shiancoe are both low-end No. 1 options at their respective positions with Favre under center, while Harvin is a more attractive No. 2 fantasy wideout.

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