The winger has been included in the Ghana squad for the upcoming tournament in Equatorial Guinea, which starts on January 17.
Schlupp missed Saturday's FA Cup third-round win over Newcastle United after suffering the injury in Leicester's 2-2 draw at Liverpool on New Year's Day.
Leicester boss Nigel Pearson is unsure whether Schlupp, who scored the equaliser at Anfield, will be fit enough to feature for Avram Grant's Ghana.
Pearson told the club's official website after the win over Newcastle: "He had a scan yesterday. It [his participation] depends on the results of the scan and the rules and regulations of the tournament, but our priority is our player.
"We'll do what we need to do in terms of rehab, and if he goes and plays in the tournament, then that's all well and good for him, if he doesn't and he has to stay behind, then fine.
"It’s one of those where first and foremost, if he picks an injury up while he's playing for us, then we'll make sure we take the steps that we need to take to make sure that his welfare is put top of the list."
