The first-round draft choice's injured left Achilles tendon will not require surgery, however.
An MRI administered Monday showed no tears or any injury that would require surgery, the team said in a statement.
"There is some inflammation and irritation accompanying the tendinitis of the Achilles," the team's statement said. "He'll receive treatment the next several days and we'll have a better idea Wednesday on what type of time loss is expected, if any."
Peterson's four punt returns for touchdowns and improved play at cornerback have made him a bright spot during an up-and-down Cardinals season. He would be facing a diminished Seattle Seahawks receiving corps if able to play in the regular-season finale Sunday. Sidney Rice and Mike Williams are out for the season. Williams caught 22 passes for 232 yards and a touchdown in two games against the Cardinals last season. Rice caught eight passes for 109 yards against the Cardinals in Week 3 this season.