Coach Ross Lyon on Sunday said the 23-year-old was "done for the year" after re-injuring his shoulder in the opening seconds of the Saints' 21-point loss to Melbourne on Saturday.
But the club's Wednesday night update painted a much rosier picture, revealing a rehabilitation period of potentially just five weeks.
"The key piece of information from the surgeon was that Max wouldn't be at risk of any further or lasting damage if he was to play again this year," St Kilda's acting football boss David Misson said.
"Max will now begin a rehabilitation period which will include strength and functional milestones he'll need to hit along the way."
It is the same shoulder King had reconstructed in December after a fall at training.
He missed the opening nine rounds of the season, but marked his comeback with four goals in round 10 and has booted 14 in six appearances since.
Misson said the long-term solution would be to stabilise the joint with further surgery at a later date.
"This procedure will be different to the one Max underwent last year and can be delayed until a later stage," he said.
"We understand there will be a lot of interest in Max's progress and we'll look to provide updates as often as practicable."
The Saints (9-7) won their first four games of the year in Lyon's second coming as coach but have now lost four of their last six matches.
They face a difficult road trip to take on fellow finals hopefuls Gold Coast in round 18, the Suns still processing the mid-week sacking of coach Stuart Dew.
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