Valanciunas was battling for a loose ball under the basket when he fell and was hurt during Toronto's 93-90 victory over the Orlando Magic on Dec. 21.
The 7-foot Lithuanian center saw hand specialist Dr. Herb von Schroeder in Toronto on Saturday, but it was determined surgery will not be required.
Valanciunas has started in all 28 games for the Raptors this season, averaging 7.8 points and 5.2 rebounds. He is fourth in the league among rookies in rebounds and blocks per game.
Drafted fifth overall in 2011, Valanciunas played in Lithuania last season before joining the Raptors.