Hasselbeck suffered the injury during last Sunday's game against the New Orleans Saints.
Hasselbeck was unable to practice on Wednesday, but that was part of his recovery plan.
Rookie Jake Locker made his fourth appearance of the season last Sunday, connecting on 13-of-29 passes for 282 yards and a touchdown. He also carried the ball six times for 36 yards and a score in Tennessee's 22-17 loss.
"Well we are thinking that way," Titans head coach Mike Munchak said when asked if Hasselbeck will start Sunday. "Jake will prepare like he is the starter also. He is obviously taking advantage of the reps he got today, taking the majority of them. That's good for Jake that he is ready to go and if Matt (Hasselbeck) is not, then we feel comfortable either way. Matt has been good all year, he has had some bumps and bruises but it's nothing that looks like it's going to be that bad."
Wide receiver Nate Washington (ankle) and linebacker Gerald McRath (knee/ankle) have also missed the first two days of practice this week.
The 7-6 Titans take on the winless Colts on Sunday.