Ovechkin was hurt Jan. 19 against the New York Rangers and hasn't practiced with his teammates since then. He missed the Capitals' game 2-0 loss to Ottawa on Tuesday.
He will travel with the team to New Jersey but Capitals coach Adam Oates told the Washington Post the team will be cautious before putting him back on the ice.
"We're not going to put him in a position that he could play, hurt himself and set it back," Oates said. "If he's okay to go, obviously his conditioning would be behind so that's why you'd limit the minutes but if he's not ready to go we won't play him."
Oates said it was possible Ovechkin could see brief minutes on the power play Friday.