The France Under-21 international picked up the injury during the Johnstone's Paint Trophy win over Norwich and subsequently failed a late fitness test ahead of the trip to Elland Road.
But Schneiderlin, who had appeared in 19 of Saints' first 21 League One matches, should be fit to face the Grecians and is likely to take the place of Lloyd James in central midfield.
Meanwhile, goalkeeper Kelvin Davis will be in the squad after recovering from a groin injury. Davis was named as a substitute against Leeds and is likely to be on the bench as he is still struggling with kicking, so Bartosz Bialkowski will start once again.
Saints will be without Graeme Murty, who ruptured ankle ligaments in training, until next month.