Czech team spokesman Pavel Barta said Wednesday that Elias' condition was "hopeful," adding "we hope the problem isn't serious."
"From what we know, he should be back soon," he added. "The prognosis is that he will skip just one game."
The left wing was hurt Saturday when he was checked by Colorado's Ryan Wilson. The defenseman's shoulder hit Elias' chin on the play.
Devils general manager Lou Lamoriello announced the move Tuesday, saying that Elias was examined by a neurologist and will be seen again this week.
The Devils said that "at this point, there is no time frame for his return. Patrik will resume activity when the doctor sees fit."
Czech Republic coach Vladimir Ruzicka said Wednesday on local radio that he hoped Elias "will be fine" for the Olympics as he is "certainly" irreplaceable.
A statement in Czech posted Wednesday on Elias' Web site said the initial examination showed no serious injury except a slight concussion. It said Elias was resting at home.
Elias' medical check at the end of the week will determine when he would be able to return to the team, the statement said.
The Czechs open the Olympic group stage on Feb. 17 against Slovakia, before facing Latvia and Russia.
Elias, who has 10 goals in 32 games this season, and former NHL star Jaromir Jagr are among the stars on the Czech Olympic team.
The Czechs won the gold medal at the 1998 Nagano Olympics and defeated Russia to win the bronze medal at the 2006 Turin Olympics.