Barcelona centre back Araujo sustained the injury in Uruguay's 1-0 defeat by Iran in a friendly in September, leaving the pitch after only five minutes.
"We had a major setback with Araujo, but he is overcoming it little by little," Alonso told Uruguayan newspaper Ovacion on Thursday.
"We are going to have the opportunity for him to be at the Uruguay training camp, evaluated by the doctors and the coaching staff, and God willing he could be in one of the matches."
Uruguay coach Diego Alonso (47) has been in contact with Barcelona regarding Araujo's recovery as well as checking on Edinson Cavani (35), who sustained an ankle injury and has missed the last two LaLiga matches with Valencia.
"The team, in general terms, has no other points of uncertainty apart from Cavani, who is out as a precaution," Alonso said.
"We do not have a medical report of a serious injury, so we understand that at least he does not have one."
Uruguay will announce their 26-man squad later on Thursday. They kick off their World Cup campaign against South Korea on November 24 and also face Portugal and Ghana in Group H.