Grundy, a two-time All-Australian ruckman, was told to work on his forward craft after being sensationally dropped following the Demons' round-17 win over St Kilda.
But with swingman Harrison Petty ruled out for the rest of the season due to a serious foot injury, Grundy has been rushed back for Saturday's clash.
Max Gawn has starred as Melbourne's sole ruckman since Grundy went out of the side and how the two perform together against in-form Carlton will be a big talking point.
Joining Grundy in the Demons' lineup is Oliver, who has been sidelined by a lingering hamstring injury since round 10.
The 26-year-old ran freely at training on Wednesday and showed no signs of the troublesome hamstring injury in his movement.
The Blues have named the same 22 that came from behind to beat St Kilda for their seventh straight win last week.
Collingwood have lost Brownlow Medal favourite Nick Daicos (knee) along with Steele Sidebottom (foot) to injury for Friday night's battle against Geelong.
But defender Nathan Murphy has been cleared to play despite initially being ruled out for at least two weeks with an ankle injury.
Will Hoskin-Elliott and Billy Frampton come into the Magpies side, while Geelong have lost Jack Henry to injury.
Adelaide have produced a selection surprise by axing young star Josh Rachele for their crunch clash with the Brisbane Lions at the Gabba on Saturday.
The Lions welcome back ruckman Oscar McInerney from an ankle injury.
Star Gold Coast forward Ben King (knee soreness) will miss Saturday's match against Sydney, paving the way for Sam Day to play his 150th AFL match.
Suns defender Wil Powell goes out with his season-ending ankle injury, while captain Touk Miller is back from suspension.
West Coast have been boosted by the return of speedy defender Jamaine Jones for Saturday night's western derby against Fremantle.
Jones, who hasn't played since injuring his ankle in round 10, joins Sam Petrevski-Seton in the side, but retiring veterans Luke Shuey (hamstring) and Shannon Hurn (achilles soreness) aren't ready for a return.
Fremantle have included Karl Worner for his second AFL game to replace injured defender Ethan Hughes (ankle).Â
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