"After a first examination by the club's medical staff, the international (Uruguayan) is suffering from a sprained lateral collateral ligament in his left ankle," the club said in a statement Thursday.
"Additional tests will be conducted in the coming hours," it added without giving details for how long the 30-year-old was expected to be sidelined for.
The Spanish club are already without Uruguayan defender Jose Maria Gimenez, who suffered a thigh injury last weekend, and Godin's absence could prove a defensive headache for coach Diego Simeone.
Atletico play Valencia in La Liga action on Sunday with Godin also a possible doubt for Uruguay's upcoming 2018 World Cup qualifiers against Venezuela and Colombia.
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