The 12th-ranked Pirates announced late Monday afternoon an MRI on his knee was negative.
The senior was injured late in the second half of Seton Hall's 74-62 loss to Xavier on Saturday. He had to be helped to the locker room.
McKnight is the Pirates' second-leading scorer, averaging 11.5 points. He scored 15 against Xavier before being hurt in the loss that ended a 10-game winning streak.
Seton Hall (16-5, 8-1 Big East) is scheduled to play at Georgetown on Wednesday. It has a first-place showdown with No. 10 Villanova (17-4, 7-2) on Saturday in Philadelphia.