Peters, who suffered the injury to his non-throwing shoulder in the first quarter, has been throwing passes this week. Illinois coach Bret Bielema said the sixth-year senior should return "sooner than later," although likely not for Saturday's game against UTSA.
Rutgers transfer Art Sitkowski, who replaced Peters against Nebraska, would get the start at quarterback against the Roadrunners.
Bielema also said linebacker C.J. Hart underwent season-ending surgery Wednesday for a knee injury suffered in the fourth quarter against Nebraska.
Hart, a sophomore who transferred to Illinois from NC State, had a 41-yard fumble return for a touchdown and 1.5 tackles for loss against Nebraska, earning the Bednarik Award's national defensive player of the week.