No physical measurement can be performed with infinite precision. This leaves a loophole in the standard no–go arguments against non–contextual hidden variables. All such arguments rely on choosing special sets of quantum–mechanical observables with measurement outcomes that cannot be simulated non–contextually. As a consequence, these arguments do not exclude the hypothesis that the class of physical measurements in fact corresponds to a dense subset of all theoretically possible measurements with outcomes and quantum probabilities that can be recovered from a non–contextual hidden–variable model. We show here by explicit construction that there are indeed such non–contextual hidden–variable models, both for projection–valued and positive–operator–valued measurements.