The Russian forward suffered the injury while facing Sweden in the final of the world junior hockey championship last week.
On Monday, Larionov posted a Twitter message saying that Yakupov wouldn't require surgery and "should be healthy and ready to play" for the Ontario Hockey League's Sarnia Sting in about four weeks.
The 18-year-old is considered the top prospect in the upcoming NHL draft. He finished the world junior tournament with nine assists in seven games.
Yakupov is among the top scorers in the OHL with 21 goals and 53 points in 26 games for the Sting.