He was injured in a collision with AC Milan's Alberto Paloschi during last night's Trofeo Berlusconi.
There had been fears that Chiellini could be out for between three and six months with a torn cruciate ligament in his knee.
However, Juventus' medical team have investigated and have ruled out cruciate ligament damage.
Chiellini could be back in action by the end of September and has expressed his relief.
"I have had a great weight lifted off my shoulders," he said. "During the pain yesterday I was scared that my season could be over.
"I was most worried that the cruciate was involved. Now I will train on my own for a month, but I am happy because I won't miss many games before I am back at the end of September."