The Chelsea defender was stretchered off in only the 10th minute of his side's 1-1 draw with Bolton after colliding with his own goalkeeper Petr Cech.
He was taken to hospital for X-rays but has been encouraged by the news and is hoping to return in Moscow on 21st May.
"The arm is OK," Terry told Sky Sports. "It's just a dislocation that they managed to pop back in before I went to hospital so I'm pleased with that.
"There's no break so with three or four days' rest it's going to be OK."
Asked if he would be fit for the Champions League final, Terry replied: "I should be, fingers crossed."