"Fortunately, tests performed this morning revealed that there are no fractures and only moderate ligament damage," Nets team orthopedist Dr. Martin O'Malley said in a statement. "While the optics of this injury may have appeared to be more severe, surgery will not be required."
O'Malley said LeVert will begin an unspecified period of rehabilitation and is "expected to return to full strength and resume all basketball activities without any limitations this season."
LeVert tweeted later Tuesday that he "can't wait" to return to the court.
LeVert came down hard on his right leg after colliding with Jeff Teague on an attempted chase-down block with 3.7 seconds remaining in the first half of Monday's road game against theMinnesota Timberwolves. LeVert sat up and looked at his leg before lying back down and placing his hands on his forehead in apparent pain.
He was carried off the court and taken to a hospital for further evaluation. He returned to New York with the team and was evaluated at the Hospital for Special Surgery.
The arena was silent as medics attended to LeVert, who had 10 points, 5 assists and 4 rebounds when he exited the game.
"There was really just no words," teammateJoe Harris said after the game. "We didn't talk even when we came in at halftime. There was nothing to be said. Guys were crying. It was really that horrific just to see."
LeVert is no stranger to health adversity -- his junior and senior years at Michigan were ended prematurely by injuries. He missed part of his rookie NBA season while recovering from foot surgery.
He has emerged as one of the NBA's young breakout stars in his third season, blossoming into a cornerstone of the Nets' rebuild. He entered Monday's game averaging 19 points, 4.2 rebounds and 3.7 assists per game.
ESPN's Malika Andrews contributed to this report.