"Let's say two or three [weeks]," said Sanders, when asked about Hunter's recovery. "It would be my dream and desire for him to stay out until after the bye week."
The Buffaloes (3-2, 0-2 Pac-12) play at Arizona State on Saturday and host Stanford next week before they will have a week off before traveling to UCLA on Oct. 28.
"Travis is doing well," Sanders said. "He was out of practice today coaching his butt off. He's one of the best coaches we have."
Hunter suffered the injury during Colorado's win against Colorado State on Sept. 16. With him unavailable, the Buffaloes have lost their past two games, to Oregon (42-6) and USC (48-41).
In 10 quarters prior to the injury, Hunter, whom Sanders has called the team's best player on both sides of the ball, had 16 receptions for 233 yards on offense and an interception, two pass breakups and nine tackles on defense.
Colorado was also without Sanders' son, safety Shilo Sanders, against USC on Saturday, but his return is expected to come sooner, the coach said.