Nye, 57, injured his knee when he fell while performing on the dance competition series Monday night.
He told People.com shortly after the mishap he "stepped on the cuff of these fancy slacks and I went down."
"We'll do R.I.C.E. -- we'll do rest, ice, compression, elevation [and] see where we get," Nye said.
A source close to him told People.com Nye is "in good spirits and is really hoping he can continue to compete."