Lovren was stretchered off during the weekend's 2-2 draw with West Bromwich Albion.
Lovren was on the wrong end of a challenge from Craig Dawson that went unpunished, which left blood pouring out of the defender's leg, but the report says the scan the Croatia international underwent has revealed there is no ligament damage.
That will prove to be something of a relief for Jurgen Klopp who is likely to welcome back Mamadou Sakho to the starting line-up for the weekend's trip to Watford in the Premier League following his return to full training last week. The Frenchman has been sidelined since the start of November following a knee injury he picked up in a defeat to Crystal Palace.
Lovren remains on crutches as the medical staff are managing bruising and swelling to the joint, as well as the five stitches that were required.
As well as Sunday's trip to Vicarage Road, Lovren will miss the home clash with league leaders Leicester City, and an away trip to Sunderland.
The first game of the New Year is a trip to East London to take on West Ham United before a League Cup semi-final first leg against Stoke City at the Britannia Stadium.
Those games may be a bit early for Lovren to return if Klopp's handling of players returning from injury is anything to go by, as he has tried to ease players back into action if he can.
Therefore, one would expect him to be realistically in contention for the FA Cup third round trip to Exeter City if he is back in full training after only a couple of weeks.
His recent run in the side has perhaps been his best. Lovren's career prior to Klopp's arrival has been renowned for being littered with costly errors, and in recent weeks there has not been one to speak of.