Valanciunas was battling for a loose ball under the basket when he fell and broke the ring finger on his right hand during Toronto's 93-90 victory over the Orlando Magic on Dec. 21.
The seven-foot Lithuanian centre saw hand specialist Dr. Herb von Schroeder in Toronto on Saturday but it was determined surgery will not be required.
Valanciunas has started in all 28 games for the Raptors this season, averaging 7.8 points per game and 5.2 rebounds. He's fourth in the league among rookies in rebounds and blocks per game.
Drafted fifth overall in the 2011 NBA Draft, Valanciunas played in Lithuania last season before joining the Raptors.