Molesley turned his ankle playing for the club's reserves against Swindon earlier this month and there were fears his season could be over.
The all-action midfielder, who had just returned after 17 months on the sidelines with a persistent left foot injury, damaged ligaments in his right ankle when he landed awkwardly.
He initially thought the problem could rule him out for around two months but scans delivered a brighter verdict for the former non-league star, with an absence of two to three weeks predicted.
Molesley confirmed he had not suffered a break or rupture and that he was hoping to begin running later this week when the ankle was less swollen.
He told the Echo: It was all coming together quite nicely before the ankle injury.
I was absolutely itching to get back involved.
I had a taste of getting back with the first team squad and I was desperate to get on the pitch in the first team.
I have had a bit of a knockback but it has just made me even more determined to come back.
This is the home straight of the season and I am desperate to be involved because I think we have got a great chance of being successful this season.
Discussing the injury, Molesley added: The way it ballooned up and the way it looked, I was faced with eight to 10 weeks out, which would have been the season.
To hear that the scan was not as bad as we first thought was a good bit of news for me.