The on-loan Manchester United man picked up the injury during last weekend's defeat at Leeds as a result of a tackle.
"We’ve lost Jesse Lingard for Saturday, but we’re hoping he’ll be ok for Charlton," confirmed Blues boss Lee Clark.
"It's the ligament in knee, but we’re hoping that with rest it can be solved and it doesn’t need any type of work done to it.
"He’s back with the Manchester United medical team, which is part of the deal, and they’re in charge of it and will decide where we go next."
Clark will also be without the services of young striker Akwasi Asante who was forced to come off during Monday's development squad game against Huddersfield Town.
"Akwasi has another hamstring problem and it's the fifth or sixth hamstring tear he's had," said Clark.
"It looks like it will be a long process (to get him fit)."
Jonathan Spector (thigh) and Neal Eardley (knee) remain out. Tom Adeyemi only returned to training today (Thursday) after missing last Sunday's match because of illness and will have a late fitness test.”