Butler, who injured the toe during Monday night's win over the Charlotte Bobcats, had X-rays that revealed no damage.
"He didn't do anything," Thibodeau said. "He's going to have an MRI this afternoon."
Butler was confident he would be all right after Monday's game but acknowledged that his toe was hurting.
Butler, 24, has averaged 11.2 points, 4.8 rebounds and 1.8 steals -- all career highs -- in nine games this season.
Guard Derrick Rose said the team would take a hit if Butler were lost for an extended period.
"Jimmy is someone we're definitely going to miss, especially with his energy and defense, and he's been knocking down shots," Rose said. "But the way our team is, if one guy goes down, the other guy's got to step up and do a great job. And that's Mike Dunleavy, Kirk [Hinrich], myself when I play the 2, and we just got to fill in for him."