Callahan, who had surgery to repair a labral tear in his right hip on June 21, has played in three games since Nov. 27, none since Jan. 7. He has four points (two goals, two assists) in 18 games.
Lightning general manager Steve Yzerman told the Tampa Bay Times the injury is not expected to be career-threatening. The labrum is intact, and Yzerman said it was more of an issue with scar tissue.
"All in all, it's encouraging," Yzerman said.
The Lightning recalled forward Cory Conacher from the Syracuse Crunch of the American Hockey League. If Callahan is placed on long-term injured reserve, it would create space under the NHL salary cap for the Lightning to make a move before the NHL Trade Deadline (March 1; 3 p.m. ET).
"It we want to, we can take advantage," Yzerman said. "If there's an opportunity to make our team better, we will."
