The club's leading goalscorer suffered the problem during yesterday's 3-2 victory over Birmingham City.
"Sylvan Ebanks-Blake is possibly out for the season with ankle ligament damage. Fingers crossed that's not the case, but we'll have to see," manager Dean Saunders told reporters.
"He went over on his ankle and I think it's partly down to fatigue and stretching."
Ebanks-Blake found the net twice against the Blues before he limped off the pitch.