Last year's runner-up picked up the injury when he led Serbia to a Davis Cup quarter-final win over the United States last week.
Djokovic practised on Tuesday but did not put too much pressure on his right leg when serving.
Djokovic will be hoping his gamble to play does not leave his claycourt season going bust.
Djokovic's participation provided a boost to the organisers, who now have three of tennis' Big Four playing in the event, with only Roger Federer opting to stay away from Monaco.
Djokovic, eight-times champion Rafael Nadal and US Open title holder Andy Murray will begin their seasons on red dirt on Wednesday.
Nadal will launch his bid for a ninth consecutive Monte Carlo title against little-known Australian Marinko Matosevic, Djokovic faces a tricky outing against Russian Mikhail Youzhny and Murray goes up against Edouard Roger-Vasselin.