Austin was injured on the first play of the Cowboys' second series in the team's Thanksgiving Day loss to the Washington Redskins and did not return.
The seven-year veteran is second on the team in receiving yards (727) and touchdowns (four), trailing Dez Bryant in both.
Dallas hopes to return another offensive weapon to the field as well, as running back DeMarco Murray is scheduled to attempt to practice Wednesday for the first time since suffering a midfoot sprain.
Although Murray may practice this week, a source said his availability to play against the Eagles is not guaranteed.
The sprain has kept Murray (330 yards, 1 TD) sidelined since he suffered it in the Cowboys' Week 6 loss to the Baltimore Ravens.
With Murray sidelined, Dallas has had to use Felix Jones as the primary back, although he has run for more than 50 yards only twice since then -- in relief of Murray in the Ravens game and a Week 10 victory in Philadelphia.
ESPN's Ed Werder contributed to this report.