Peterson was diagnosed with a left high ankle sprain after X-rays showed there was no break. The star running back sustained the injury in Sunday's loss to the Oakland Raiders.
"He'll probably be in a boot for the next couple of days," Frazier said. "We'll try to see if he's able to do anything on Friday to determine whether he'll be able to play on Sunday or not."
The five-year veteran has been one of the few bright spots for the 2-8 Vikings, leading the NFL in rushing touchdowns with 11 while totaling 872 yards through 10 games.
Toby Gerhart and Lorenzo Booker would likely split time at running back should Peterson be unavailable for Sunday's contest at Atlanta.