The 22-year-old Oladipo has been held out of the entire preseason as a result of the injury. Oladipo said he is optimistic he will be able to play against the Pelicans.
"Hopefully I can be there for the opener. But it's all about going day-by-day and how I respond to treatment."
Oladipo, the No. 2 pick in the 2013 draft, averaged 13.8 points, 4.1 assists and 4.1 rebounds as a rookie last season and was a member of the USA Basketball Select Team this summer.
Forward Channing Frye, who signed a four-year, $32 million contract with the Magic as a free agent, also sprained his MCL at the start of training camp and has not played during the preseason.