Assessment of “exercise readiness” is a central component to the flexible non-linear periodization (FNLP) method of organizing training workloads, but the underlying factor structure of this construct has not been empirically determined. The purpose of this study was to assess construct dimensionality of exercise readiness using exploratory factor analysis. The result of which serve as initial steps of developing a brief measure of exercise readiness. Participants consisted of students recruited from undergraduate Kinesiology courses at a racially diverse, southern University. Independent, anonymous online survey data were collected across three stages: 1) generation of item pool (n = 290), 2) assessment of face validity and refinement of item pool (n = 168), and 3) exploratory factor analysis (n = 684). A principal axis factor analysis was conducted with 41 items using oblique rotation (promax). Four statistically significant factors, as determined through parallel analysis, explained 61.5% of the variance in exercise readiness. Factor 1 contained items that represented vitality (e.g., lively, revived). Factor 2 items related to physical fatigue (e.g. tired, drained). Factors 3 and 4 were descriptive of, discomfort (e.g. pain, sick) and health (i.e. healthy, fit), respectively. This inductive approach indicates that exercise readiness is comprised of four dimensions: vitality, physical fatigue, discomfort, and health. This finding supports readiness assessment techniques currently recommended for practitioners according to the FNLP model. These results serve as a theoretical foundation upon which to further develop and refine a brief survey instrument to measure exercise readiness.