Real Madrid were hammered 3-0 at home against CSKA Moscow with Bale sustaining the injury after being brought on at half-time.
Los Blancos manager Santiago Solari confirmed at a news conference that Bale will be a major doubt for Real Madrid’s clash with Rayo Vallecano on Saturday.
Solari said: "We will see how ankle improves from yesterday to today and from today to tomorrow.
"We will speak to the medical team and with him (Bale)."
Bale has scored seven times in his 20 games in all competitions this season as he plays for the first campaign in Madrid without Cristiano Ronaldo.
Real Madrid struggled for form at the beginning of the season as they suffered four league defeats in their opening ten games including a 5-1 drubbing away to Barcelona.
The poor form led to the sacking of manager Julen Lopetegui, with Real Madrid B team manager Santiago Solari taking over at the Bernabeu.
Solari has led Real Madrid to four wins out of five La Liga matches as they currently sit five points adrift of league leaders Barcelona.
After the league match against their Madrid neighbours Rayo Vallecano, Solari’s side jet out to Abu Dhabi for the competition.
Real Madrid are the reigning champions having won in four of the last five seasons, and will be joined by the likes of River Plate after they beat rivals Boca Juniors in the Copa Libertadores.
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