The injury will keep Corp out of practice for 1-2 weeks.
"This is an unfortunate setback for Aaron but we're encouraged by the diagnosis and that he's going to return quickly," Pete Carroll told RipsIt.
Corp added: "It's the best-case scenario for this situation. I'll keep rehabbing and hopefully be back soon."
The injury comes as Corp, who was named the starting quarterback during spring practice, is receiving stiff competition from true freshman Matt Barkley.
In Corp's absence, Barkley will receive all of the first-team reps during practice.
"Matt's going to try and make the most of this opportunity," Carroll said.
Barkley's quick start had tightened the gap between the two signal callers and this latest development shakes things up even more.
USC opens the season against San Jose State on September 5th at 12:30 p.m.
Aaron Corp will be sidelined 1-2 weeks. (Jaime Rodriguez Photo)
*Discuss more on the SCPlaybook.com message boards
If you have any questions, comments or suggestions you can reach Kevin Carden at firstname.lastname@example.org