Keyontae Johnson is listed as in "stable condition" as of Tuesday night and is reportedly breathing on his own and talking, according to a statement posted online.
The team added that Keyontae was able to FaceTime with his teammates.
Johnson collapsed on the court during a game timeout on Saturday and was carried out on a stretcher.
On Monday, the team's news site reported that he was in critical but stable condition and was "following simple commands."
The team's news site called Tuesday's developments "the most encouraging news yet" of his recovery.
"We feel so much love and support from everyone, and we’re beyond grateful for the care and attention that Keyontae has received throughout these past several days," his parents wrote, promising to share more updates on their son's recovery.
So far, there have been no updates as to the cause of Johnson's sudden collapse, though it was reported over the summer that he and many of his other Gators teammates tested positive for COVID-19.
One complication of the virus can be myocarditis, or inflammation of the heart muscle.
This article originally appeared on NBCNews.com.