The 20-year-old centre was injured in Tuesday night's 3-2 overtime loss to the New York Islanders. Scheifele suffered a sprained medial collateral ligament and his status will be updated again in a few weeks, head coach Paul Maurice said Wednesday.
"There's not going to be any surgery required," Maurice told reporters. "I think that's a real positive for us in a difficult situation. But it turned out to be a better morning than I was thinking I was going to hear."
Scheifele has 13 goals and 21 assists in 63 games this season.
The Kitchener, Ont., native was selected by the Jets with the seventh overall pick of the 2011 NHL Entry Draft.
"He's been such a key part of our success lately," said forward Blake Wheeler. "His play has been something to really be excited about for everyone in the organization and everyone in our city.
"It's going to be tough to replace (him). We're going to have to find a way to add some of the elements that he brings to our lineup and just hope that he can heal as quick as possible."