Peavy has been out since June 6 with a fracture of the left fourth anterior rib. His last outing came June 4 when he struggled over 2 1/3 innings against the Seattle Mariners.
Over 11 starts this season, Peavy is 6-4 with a 4.30 ERA.
Peavy is expected to generate interest from contenders looking to add a proven veteran starter in a trade. The former Cy Young Award winner will be able to make three starts before the July 31 non-waiver trade deadline.