The injury came in the third quarter Sunday on a play which saw the running back fumble before going down in pain. He didn't return in what became a 43-6 loss.
Jacobs "has a chance" to play in his team's Week 13 game against the New York Jets, per Rapoport.
The Raiders selected the 22-year-old with the 24th overall pick in the 2019 draft, making him the first running back off the board.
Jacobs repaid the team's investment by running for 1,150 yards and seven touchdowns while catching 20 passes for 166 yards. Football Outsiders ranked him 12th in DYAR (defense-adjusted yards above replacement) among running backs with at least 100 carries.
Jacobs isn't resting on his laurels in 2020. Through 11 games, he has run for 782 yards and nine touchdowns on 206 carries.
Somewhat surprisingly given Jacobs' success, the Raiders used the 80th overall pick Lynn Bowden Jr. in the 2020 draft. In an even bigger surprise, Las Vegas traded Bowden and a sixth-round pick to the Miami Dolphins for a 2021 fourth-rounder.
That leaves Devontae Booker and Jalen Richard as the replacement for Jacobs in the backfield.