The injury is not serious, according to ESPN's Adrian Wojnarowski, who adds that it's the "best possible news" for Portland and McCollum.
The guard was injured in the third quarter of Saturday's game against the San Antonio Spurs after falling awkwardly. He left the contest and did not return.
The 27-year-old McCollum is averaging 21.3 points and four rebounds in 68 games this season.
Portland currently sits fourth in the Western Conference with a 42-27 record.