Jolly was injured minutes into the opening term and ultimately forced out of Sunday's classic encounter with Carlton at the MCG in the second quarter, with what appeared to be a serious rib/chest injury. The two-time premiership ruckman was taken to hospital at half-time by ambulance.
View Collingwood's full injury list here.
He was released from hospital later that evening, having been cleared of any breaks, and could yet play against Hawthorn at the MCG next Sunday.
"It will be a case of seeing how he feels this week and of how much he can do at training," Collingwood Director of Football, Geoff Walsh, said of Jolly's prospects of playing against the Hawks.
"He has some rib cartilage damage but no break. Does he play? Only time can answer that."
Quinten Lynch was outstanding as Jolly's fill-in replacement against the Blues but if Jolly is unable to play next weekend it is likely that either Ben Hudson or Jarrod Witts will get the call to take over the centre square. Neither has played a senior match for Collingwood.
In further good news for the Magpies, premiership midfielder and deputy vice-captain Luke Ball is poised to make his long awaited return this weekend, with Collingwood's VFL side.
Ball's recovery from a knee reconstruction has kept him from playing at all over the pre-season but if he sees out the training week he is expected to play for the VFL Magpies against Werribee on Saturday night.
"Luke is every chance. If the week goes to plan he should have his first run on the weekend," Walsh said.
The outlook is not as rosy for two other Magpies.
Clinton Young is looking at a three to four week break after injuring a hamstring in the first term of last Saturday's VFL match at Victoria Park. It was Young's first hitout for a month, after a calf complaint hobbled him late in the pre-season.
Click here to read more about Young's injury.
In the same game, draftee Jackson Ramsay injured a wrist, an injury that is expected to sideline him for the next month or so.
View Collingwood's full injury list here.
