It had initially appeared that Belotti had sustained an anterior cruciate ligament injury to his right knee after going down in training on Wednesday.
However, Torino provided a further update on Thursday to rule out significant damage to their star striker, who remains a reported target for many of European football's heavyweights, including Antonio Conte's Blues.
A statement on the club's website read: "Andrea Belotti suffered a distortive trauma to his right knee.
"The investigations performed exclude a ligament or meniscal lesion. The prognosis will depend on the clinical evolution."
Belotti missed most of October with a knee injury, and he has just four goals in 15 Serie A appearances this season having netted 26 last term.