Coach Rick Carlisle said Calderon, who did some light shooting during practice, will probably be a game-time decision Tuesday night against the Charlotte Bobcats.
"He's doing better," Carlisle said.
If Calderon can't play, rookie Gal Mekel is likely to start again. Mekel had six points on 3-of-12 shooting with seven assists and only one turnover Saturday night. First-round pick Shane Larkin had four points on 2-of-6 shooting and one assist off the bench in that game.
Calderon, who is averaging 11.1 points and 4.9 assists per game, injured the ankle during Friday night's loss to the Atlanta Hawks.