Walker has a first-degree shoulder separation and will likely be listed as questionable for Sunday, when the Broncos (8-6) host the Cincinnati Bengals (8-6) in a game that could go a long way to determining a wild-card spot.
Walker suffered the injury in the first half of last Sunday's 37-20 win at Arizona. He finished the contest but did not have a catch in the second half.
"He [Walker] had a first-degree separation of his shoulder and took a shot, I believe, in the second quarter," Broncos coach Mike Shanahan said. "I think it's a little bit sore."
Denver's leading receiver, Walker saw his production drop once Cutler assumed the starting quarterback position against Seattle on Dec. 3. But prior to Walker's injury, the duo hooked up five times for 84 yards and a touchdown against Arizona.
Acquired in an offseason trade with Green Bay, Walker has 62 receptions for 1,007 yards and seven TDs this season.
Denver is tied with Cincinnati, the New York Jets and Jacksonville in the battle for the two wild-card spots.