Raptors coach Dwane Casey said Calderon could return to the lineup next week.
Calderon had missed Toronto's past four games after injuring the ankle late in the second quarter of the Raptors' game against Detroit on March 10.
"We were going to see if he could play tonight, but we're probably going to hold him out to Tuesday," Casey said, referring to the Raptors' road game against the New York Knicks.
"He's been working and getting closer and closer. Jose's a tough guy, but if he's hurt, really hurt, he can't play. We're going to protect him from himself."
Calderon has averaged 10.5 points and a team-high 8.5 assists this season for Toronto, and leads the NBA in assist-to-turnover ratio at 4.46.