It was initially feared that he had tweaked cruciate ligaments and was facing up to a lengthy spell on the sidelines.
He was stretchered from the field after falling awkwardly under a challenge from Freek Heerkens.
PSV were unable to shed much light on the ailment at the time, with head coach Mark van Bommel saying: "I can't say anything about it right now.
"All I can do is hope it's not bad. It's difficult to predict the damage because I couldn't see the accident happen. The linesman stood right in front of me."
Lozano has now offered an update to calm the fears of Mexico supporters.
His domestic season with PSV is over, with only two games remaining in their title-chasing campaign, but his injury is not as serious as it could have been.
He has said in a statement on PSV’s official website: “I am relieved I have not picked up ligament injury.
“I will start a rehabilitation programme and do my utmost to return to full fitness as soon as possible.”
Van Bommel’s side will now have to complete their battle with Ajax for the Eredivisie crown without Lozano.
As things stand, two arch-rivals sit level on points at the top of the table.
Ajax hold a slight advantage, with the Champions League semi-finalists boasting a superior goal difference.
While Lozano is now relying on others to secure him a winners’ medal, he may come back into contention for international duty.
Mexico are due to be in Gold Cup action this summer.
That competition is due to get underway on June 15, with El Tri in action among the opening round of fixtures against Cuba.
The rest of their Group A fixtures will see them take on Canada and Martinique.
Gerardo Martino will be hoping to have Lozano available to him, but he will now be waiting on further progress updates from the talented winger as he seeks to rebuild his fitness.