The 27-year-old sustained the injury during New Zealand's recent tour of India and the pain got aggravated when he slipped in the first Test against Pakistan in Christchurch which forced him to miss the second Test in Hamilton.
Head coach of New Zealand Mike Hesson confirmed that Boult is making good progress.
"He's recovered. I think when you know you've only got to bowl 10 overs, it's a lot easier than obviously the demands of the test match," Hesson told reporters before the team left for Australia on Wednesday.
New Zealand have been outstanding in the limited overs format as they reached the final of the 2015 World Cup before they lost to eventual champions Australia and made a promising start in the ICC World Twenty20 2016 in India before they were knocked out in the semi-finals.
Hesson believes their success in the limited overs format will help them when they take on Australia in the Chappell-Hadlee series.
"We're a reliable white-ball side," he said.
"A lot of these guys have never played in Australia. There'll be some good crowds, I'm sure, over there, plenty of hostility, and for any New Zealand team going over there it's an exciting time, so we're looking forward to it."
The three-match series between Australia and New Zealand will be played between 1st and 9th December in Sydney, Canberra and Melbourne.
© Cricket World 2016