The 34-year-old sustained significant damage to his left heel, during the second day of the ongoing opening Test between the two sides.
The incident took place during Steyn's 18th over in India's first innings when he unfortunately landed awkwardly in the foot-holes, leading to tissue damage on the under-side of the foot.
Steyn, currently in a moon boot, saw a foot and ankle specialist on Sunday and said that he would now be reassessed in four to six weeks' time, ESPNcricinfo reported.
Though the South African selectors are yet to name Steyn's replacement, Duanne Olivier and Lungi Ngidi are among the frontrunners.
Steyn has taken two wickets so far in the first Test, which takes him to 419 Test wickets overall.
He now needs just three more wickets to surpass Shaun Pollock as the country's leading wicket-taker in the format.
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