The results of an MRI on Tuesday show no breaks or tears in Batum's knee, which he injured late in the Blazers' 93-89 loss to the Utah Jazz on Monday night. Batum had to be helped off the court and the injury appeared to be serious.
The 6-foot-8 forward from France welcomed the results of the MRI.
"When I came home and saw the video, it was like, 'I'm done for the season.' " Batum told reporters at the Blazers' practice facility. "I couldn't sleep last night."
Blazers coach Nate McMillan was also relieved.
"Looking at it on tape last night it looked like that knee really buckled," the coach said.
Batum is averaging 11.4 points and 4.1 rebounds off the bench this season with the Blazers.
He was initially concerned that his status for the Olympics in London this summer may be in jeopardy. Fellow French national team member Tony Parker texted him after seeing the injury.
France has already earned a berth in the London Games.
Batum will be reevaluated after the Charlotte game and is considered day-to-day. He said he'll travel with the Blazers to Sacramento for a game Thursday night, but is unsure if he'll play.