Peavy, the 2007 NL Cy Young Award winner, has been on the disabled list since June 13 with a strained tendon. He was injured running the bases against the Chicago Cubs in late May.
Manager Bud Black said if Peavy continues to heal at the same rate he should get the boot off in about two weeks and began a rehabilitation program.
Also, right-hander Shawn Hill underwent elbow ligament replacement surgery. Hill was operated on by Dr. James Andrews in Birmingham, Ala.
This is the second time that Hill has undergone major elbow surgery. He had Tommy John surgery in September 2004 and didn't pitch in the majors again until June 2006.
Hill, who signed a minor league contract in March, made just three starts for the Padres before going on the DL. He went 1-1 with a 5.25 ERA.