The Tourism Authority of Thailand said that there were plans to open parts of the beach for swimmers but that the reopening would be closely monitored.
Boats will not be allowed to enter the bay. Instead, passengers will have to embark on the island at a pier at the back of the island, as part of the new controls.
The reopening was a testimony to the success of replanting coral reefs and beaches to combat erosion and the ailing ecosystem.
"These things show that nature will heal if we give it time, and we have to work to keep it that way too," governor of TAT Yuthasak Supasorn told Reuters.
"The sharks have come back, coral reefs are regrowing, and the water is clear again."
At its peak in 2017, tourist traffic recorded almost 5,000 visitors a day.
However, it may take time for even these 375 visitor caps to be reached after Thailand's tourism entry scheme was suspended over Christmas.
On December 22 Thailand paused quarantine free Thailand Pass and Sandbox applications, citing the rising number of Omicron variant cases in the country.
The country was trialling a "Test and Go" programme allowing some visitors to bypass quarantine.
Currently, international visitors must remain at quarantine resorts in the Phuket 'Sandbox' or quarantine for up to 10 days, depending on the country of origin.