Per Rob Bradford of WEEI.com, Red Sox manager John Farrell described this as a "best-case scenario" and said Price will be shut down for the next seven to 10 days.
Price was originally scheduled to make his spring training debut Sunday, but ESPN's Jim Bowden reported Thursday the 2012 American League Cy Young winner had an MRI done on his elbow and was seeking a second opinion.
Bowden later added the Red Sox had "serious concern" Price was going to need Tommy John surgery, which would end his 2017 season before it began.
Red Sox president of baseball operations Dave Dombrowski told reporters Thursday there was concern about Price's health, but the team wasn't going to overreact until receiving official word.
"You're concerned any time any of your pitchers has a sore elbow," Dombrowski said. "To what extent, at this point, we'll have to wait until the doctors see him. But you never like to see a guy step down no matter what, as far as missing any time is concerned. But we'll wait and we'll see, because we just don't have enough information at this point."
Now that Price has avoided a disastrous situation, the Red Sox will try to map out a plan for the southpaw to be ready for the season. He's entering his second campaign with the team after signing a seven-year deal last offseason. The 31-year-old led MLB with 230 innings pitched and 35 starts in 2016.
The upside is spring training lasts an extra week this year thanks to the World Baseball Classic, so the Red Sox and Price have more time to decide what the best approach will be.
It also helps the Red Sox have reigning AL Cy Young winner Rick Porcello and newly acquired Chris Sale in their rotation, easing the burden on Price to pitch like the five-time All-Star he has been over the course of his career.