Collins, 28, was hurt during the fourth quarter of Sunday's 30-23 victory over Carolina. He was taken off the field on a stretcher after attempting to bring down Panthers running back Jonathan Stewart.
Collins spent the night in a Charlotte, N.C., hospital.
It's too early to say if he'll need surgery, Packers Coach Mike McCarthy said.
The safety logged 70 tackles and four interceptions last season for Green Bay.
Swim Week Miami Beach 2014 [PHOTOS]