The three-time world champion was catapulted off his bike and thrown into the air during Friday's practice.
Majorca-born Lorenzo suffered heavy bruising and contusions to his wrist and ankle after being stretchered off the track.
Despite surviving the crash without major injury, Lorenzo says it is unlikely that he will feature on Saturday.
As quoted by motorsport.com, the 31-year-old said: "If you ask me now, I would say no. Because the last fracture, the last injury [from Aragon], is a little bit worse, is not more broken but is more painful.
"I don't want to say something too quickly, so I will wait tonight, to see how I feel tomorrow morning."
Team manager Davide Tardozzi confirmed that Lorenzo was not at fault for the crash.
As quoted by GPOne.com, Tardozzi said: "Fortunately, Jorge is ok and has his smile back. The bike can be repaired and is of secondary importance.
"We have excluded an error on Jorgen's part, while we have identified a technical problem that we are analysing.
"At first, Jorge asked us whether he had perhaps braked too hard but that wasn't the case."
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