"It's definitely not season-ending," Reich told reporters, according to the team's website.
If the Colts decide to designate Funchess to return, the earliest that will be is for a Week 10 matchup against the Miami Dolphins. By rule, a player must miss at least eight weeks when placed on IR.
"It's a tough break for Devin," Reich told reporters. "We really love Devin. Just felt like there was a growing chemistry between he and Jacoby [Brissett] -- Jacoby really likes throwing him the ball; he's a big, strong guy. So he'll bounce back from this thing and get ready to go."
Funchess was a key free-agent acquisition by the Colts, signing a one-year, $10 million contract to be the No. 2 receiver opposite T.Y. Hilton.
Funchess spent four seasons with the Carolina Panthers before signing with Indianapolis.