The Brazil international scored PSG's second goal in the dramatic 4-3 comeback victory over Lille but landed awkwardly on his ankle following contact with Lille's Benjamin Andre on 51 minutes at the Parc des Princes before receiving lengthy treatment. Neymar damaged the same ankle at the World Cup in Qatar.
PSG face an uphill task to reach the next round of the Champions League knockout stages after falling to a 1-0 home defeat to Bayern Munich in the round of 16 on Tuesday. The return leg in Munich is scheduled for March 8.
ESPN reported on Wednesday that PSG president Nasser al Khelaifi and Chelsea co-owner Todd Boehly met earlier this week in Paris to discuss a potential transfer of Neymar.
PSG later confirmed that Neymar underwent an MRI scan which showed he suffered a sprained ankle but no fracture. Further tests will be carried out in the next 48 hours.
The forward has been on the end of sharp criticism for a perceived lack of commitment after French media reported that he attended a poker tournament and dined at a fast-food restaurant after this past week's Champions League defeat. PSG head coach Christophe Galtier later defended Neymar and said that he had spoken to the player regarding the news.
Information from the Associated Press contributed to this report.