Fournette suffered an ankle injury in the fourth quarter of last Sunday's 27-17 loss to the Los Angeles Rams. He had 130 yards and a touchdown in the defeat.
The Colts and Jaguars kickoff at 1 p.m. Sunday at Lucas Oil Stadium in Indianapolis.
Fournette was listed as questionable for the contest after not practicing this week. The Jaguars have a Week 8 bye, meaning giving Fournette the day off could allot the rookie a full two weeks to heal before another week of practice.
"We'll see," Jaguars coach Doug Marrone told reporters Wednesday. "I think we'll see. He's not scheduled to practice [Wednesday]. Like I said before, I don't try to get into that. The only reason why is because I got burned before. I was sitting here, and I had my crystal ball out and I was like, hey, listen this guy is going to be OK to play, and then he didn't play, and I got crushed. I just think you have to be careful as a coach. Like I said before, I just try to give you guys the facts. He was ready to go back in after the end of the game, but there's a lot of adrenaline that goes into that, you know, that you are able to do that. You just have to wait and see how things go the following week."
Veteran running back Chris Ivory is expected to start in Fournette's place. He is a high-end RB2 in this matchup.