Freeland, 30, sustained the injury July 9 at San Francisco when he dove for a popup on the infield.
Freeland, who is 4-10 with a 4.72 ERA in 19 starts this season, will mark his return with a start at home against the Oakland Athletics on Friday.
In seven seasons, all with the Rockies, Freeland is 53-61 with a 4.32 ERA in 174 outings (169 starts). He finished fourth in National League Cy Young Award voting in 2018.
The Rockies made room on the active roster Thursday when they optioned right-hander Riley Pint to Triple-A Albuquerque. Pint, 25, has just one major league appearance, giving up one run with three walks in one-third of an inning May 17 against the Cincinnati Reds.