Bosa will miss at least the next four games if placed on IR, and Staley said it is "to be determined" if Bosa will play again this season.
"We're just going to make kind of final determinations, but that's the direction that it's headed," Staley said.
Bosa left Sunday's loss to the Green Bay Packers on a medical cart and in tears after getting hurt on the fourth play. He eventually returned to the field in the third quarter in street clothes, wearing a walking boot and using crutches. He also had what appeared to be a brace on his right hand in the locker room after the game but declined to speak with reporters.
Since he made three straight Pro Bowls from 2019 to 2021, injuries have plagued Bosa. He appeared in just five games last season, injuring his groin in Week 3.
This season, he suffered a hamstring injury in Week 1 that kept him on limited snaps and then fractured his left big toe in Week 3 against the Minnesota Vikings, which forced him to miss the Chargers' Week 4 game against the Las Vegas Raiders and kept him on a limited snap count for weeks.
But Bosa had appeared to be returning to form, with 2.5 sacks and a forced fumble against the New York Jets in Week 9. Last week against the Detroit Lions, he played 55 snaps, his second most all season.
Bosa is second on the team with 6.5 sacks this season and has two years left on the five-year, $135 million extension he signed in 2020.
Bosa's injury is the second significant hit to the Chargers' outside linebacker group in the past two weeks. In Week 10 against the Lions, Chris Rumph II fractured his foot during pregame warmups and was subsequently placed on IR.
"He's versatile," Staley said of Hollins, who played 15 snaps and had three quarterback pressures Sunday. "He knows our system well and he gave us a really solid performance yesterday."
Linebacker Tanner Muse, mainly a special teams contributor, suffered a knee sprain Sunday and is also likely headed to IR, Staley said.