Totti missed Roma's win over Sampdoria on Sunday after suffering the injury following last week's 3-0 defeat to Napoli in the Coppa Italia.
The 37-year-old had been expected to spend a lengthy amount of time on the sidelines, but tests on Wednesday revealed he could be back sooner than expected.
"Totti underwent medical tests this afternoon which confirmed that the bruising he sustained has gone down," a statement released on Roma's official website read.
"The captain will continue with his rehabilitation program and be assessed again over the coming days."
Totti, who has made 19 appearances in all competitions for Roma this season, will definitely miss their trip to Bologna on Saturday, but could make his return in the home match with Inter on March 1.
