The 31-year-old missed last weekend's European win over Perpignan and underwent exploratory surgery to assess the damage.
It had been feared that Flannery could miss a raft of Magners Laegue games, plus the final three rounds of Heineken Cup action and possibly even the Six Nations.
But Munster head coach Tony McGahan has stated that he now expects his star No2 to be available for selection against Italian Champions Treviso on the weekend of January 15.
"It's good news for Jerry," said McGahan.
"I'm delighted for him. His entry point back into playing games looks like Treviso at this stage.
"We're delighted for him and delighted for ourselves that we get such a good player back so we'll wait and see but at this stage it's Treviso."
Flannery will definitely miss the Magners League games with Connacht on December 26 and Ulster on January 2, however, as well as the following week's encounter with the Scarlets at Musgrave Park.
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