Ishant suffered the injury while playing for Delhi in the Ranji Trophy.
The veteran pacer has only a month to recover for the two-match series that begins in Wellington on February 21.
"The MRI report has come. Luckily there is no fracture. There is an ankle tear. The moment he is in a position to walk, he will travel to NCA," a senior DDCA official told PTI on conditions of anonymity.
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This, after reports claimed that the experienced fast bowler might have suffered a grade 3 tear. But the BCCI will be confirming nothing on the matter till proper communication with the NCA.
"It's a Standard Operating Procedure (SOP) in BCCI as we will again do his MRI to ascertain degree of tear and decide on his rehabilitation," a BCCI source said.
If unfortunately Ishant is unavailable for selection, selectors and the Indian team management may look at someone like a Navdeep Saini as his replacement.
(Inputs from PTI)