The 21-year-old striker, who has 25 goals this term, came off with the ligament injury against Birmingham and missed just his second game of the season against Leeds on Saturday.
He was named Championship Player of the Year at the Football League Awards 24 hours later and the striker revealed that his ankle was "okay" and that he would see a specialist on Wednesday.
Boss Sean Dyche confirmed the news had been largely positive and Ings is expected to play again this season, although with seven of their final 10 games coming in the next month, he could miss the majority of their promotion push.
The Clarets do hold a 10-point advantage in second place, though, so even this setback is unlikely to prevent Dyche's men from achieving promotion to the Premier League.
Dyche said: "It's still going to be a bit of time, but not what we thought. It's a pretty straight forward type of ligament injury.
"It's good news so we're happy with that and Danny is as well.
"There's nothing sinister, that's the main thing, nothing that can't be dealt with.
"Obviously the initial period will be a couple of weeks until it settles down. It's not one where it could go beyond that, we don't think.
"There's no exact time-frame but it'll be sooner rather than later. That's what we're hoping and that's what the specialist suggested."