Waites was cleared of any tendon damage in his right lat on Wednesday, Evan Webeck of the San Jose Mercury News reports.
Waites strained his right lat just before he arrived at Giants camp, but an MRI taken this week showed significant healing. He is expected to pick up a baseball again within a couple of weeks, though the 24-year-old can probably already be ruled out for a spot in the Giants' active Opening Day bullpen.