Reports suggested Valencia could be out of action for the rest of the season following his ankle injury against Rangers in midweek.
“You can never be 100% accurate in these situations and it is a bad injury, but we are looking at the end of February, which is better than we thought on Tuesday,” said Ferguson.
“The operation has been successful and the break was clean, which was the major concern for us at the time,” added Ferguson.
“He is a strong boy, who is very positive about it.
“Being positive helps you in these situations, so we are very hopeful we will get him back then.”