Contador, 31, fractured his right shinbone in a crash on the Tour de France on Monday and is hoping to salvage his season by taking part in the Tour of Spain, the season's last grand tour.
He flew to Madrid on Tuesday to receive treatment on his shinbone.
"Alberto is OK. He returned to hospital in Madrid yesterday and they confirmed the shinbone fracture," Tinkoff-Saxo sports director Philippe Mauduit told reporters.
"The good news is that there is no lesion to the ligaments and surgery will not be required. The Vuelta... it is too early to decide. We hope he can do it and so does he but we must see how fast he recuperates," the Frenchman added.
"We have to wait 15 days to see how it goes and it is possible that in 15 days he will be able to ride a little bit on the rollers but not on the road yet for sure."
Several top names are expected to take part in the Vuelta, which starts on August 23, including 2013 Tour de France champion Chris Froome, who pulled out of this year's race after a crash last week.
(Reporting by Julien Pretot; Editing by Tony Goodson)
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