Morant had to be taken by a wheelchair to the locker room after injuring his ankle in a Dec. 28 win over the Brooklyn Nets. An MRI the next day revealed a Grade 2 sprain but showed no fracture.
The reigning Rookie of the Year was initially expected to miss three to five weeks.
Morant, 21, led Memphis in scoring last season, averaging 17.8 points a game. He also opened this season scoring a career-high 44 points.
The Grizzlies have gone 4-4 in Morant's absence and are heading into Friday's game on a three-game winning streak.