Australian Mark Mathews also broke his shoulder this week when he had a massive wipeout at the aptly-named Jaws break on Maui during a big wave event.
Forecasters said a storm off Japan should ensure a big swell will hit Hawaii midway through this week.
Fanning leads the rankings heading into the Pipeline Masters, which is the last round of the world surf league.
But he is among six surfers who can win the world title.
Compatriots Owen Wright and Julian Wilson are also in the title hunt, along with Brazilian trio Filipe Toledo, Adriano De Souza and Gabriel Medina, the reigning world champion.
Fanning, the three-time world champion will take strong form into the event after winning last week's Vans World Cup event at nearby Sunset Beach.
It was the first time Fanning had won a major event in Hawaii.
The World Cup and the Masters are the last two events in Hawaiian surfing's annual triple crown.
-AAP