Taylor was injured as the Colts' uneven start to the season continued with a 24-17 defeat to AFC South rivals the Tennessee Titans on Sunday.
The defeat dropped the Colts to 1-2-1, with Indianapolis once again struggling to justify considerable offseason hype.
An extended absence for Taylor, who last year led the NFL with 1,811 rushing yards and 18 touchdowns on the ground, would deal another substantial blow to the Colts' hopes of returning to the postseason.
NFL Media's Ian Rapoport calmed fears of Taylor being out for the long term, but pointed out that the tight turnround could make it difficult for him to feature in Week 5.
The Colts are only half a game back in the AFC South race, but another defeat to a conference opponent in the Broncos would leave them in a potentially much more significant hole.
For Taylor's part, he was unsure whether he would be healthy to feature in Denver.
He told reporters of his ankle injury: "It just tweaked up a little bit, but I'm feeling good now.
"It was a lot of commotion going on. Things just happen so fast on the field. It's crazy."
Asked about his status for the meeting with the Broncos, Taylor replied: "I'm not sure yet, but we'll see how things are tomorrow [Monday] morning."