Essendon club doctor Bruce Reid said the injury could have been much worse.
“Nathan’s injury was sustained to the inner side of his bicep muscle,” Reid said.
“It is a dangerous area of the body as there are a number of nerves and tendons around the bicep but fortunately he has avoided serious injury.”
“He did cut the artery in his arm and as a result has lost a fair bit of blood.”
“Most importantly, Nathan will make a full recovery and is expected to resume training next week,” he said.
Lovett-Murray has thanked family, friends and the football community for their messages of support.
"Thank you to everyone for all the support, I am very grateful for all the well wishes,” Lovett-Murray said.
“All is well, I’m feeling good and I will now rest up for the next few days and look forward to getting back to training early next week."
Essendon CEO Ian Robson said Lovett-Murray was the victim of an unprovoked attack.
“Nathan was set upon by two men and defending himself and his girlfriend when the altercation occurred,” Robson said
“Nathan is a much-loved and much-respected member of the Essendon Football Club and the wider community.”
“Victoria Police is investigating the matter and the club is not in a position to make any further comment about the incident.”
The club requests privacy for Nathan and his family during this time.