It will be the second straight game Peterson has missed. He also sat out last Sunday against the Los Angeles Rams.
Peterson has rushed for 448 yards and two touchdowns in six games with the Cardinals since being acquired from the New Orleans Saints.
Wide receiver John Brown (toe) also was ruled out of the Tennessee contest.
Cornerback Patrick Peterson (hamstring) said he expects to play against the Titans.
Kerwynn Williams is slated to carry the load at running back for the Cardinals after gaining 97 yards on 16 carries against the Rams while playing with two cracked ribs.