The winger pulled up with a hamstring injury in the 23rd minute of the 5-1 win at Crystal Palace on Saturday.
Saka was pictured leaving Palace's ground on crutches after the game.
Now, talkSPORT understands the England star will miss at least five weeks of action.
Providing an update on the 23-year-old, Arsenal boss Mikel Arteta told reporters on Friday: "It is not looking good. He will be out for many weeks."
talkSPORT reporter Ian Abrahams revealed on commentary duty that Saka looked emotional as he walked towards the tunnel, describing him as 'distressed'.
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Saka had previously picked up a hamstring injury on international duty in October during England's defeat to Greece.
He then appeared to tweak it again during his club's 1-1 draw with Chelsea in November.
Between now and the end of January, Arsenal will have played ten games, which includes league showdowns with Tottenham, Aston Villa and Brighton, while their first match of February sees them take on reigning Premier League champions Manchester City.
Also in that run are two Champions League group stage games, Arsenal's FA Cup clash at home to Manchester United as well as the first leg of their Carabao Cup semi-final tie against Newcastle.
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Arteta conceded after Arsenal's victory that he is concerned over the injury.
He said: "We are pretty worried about Saka's injury. He grabbed his hamstring and couldn't continue. He will have to be assessed but we are pretty worried, yes."
Saka has started all but one of Arsenal's 17 Premier League matches so far this season.
The Three Lions forward has also started in five of the club's Champions League fixtures, along with one Carabao Cup fixture.
Once again, Saka has been Arsenal's standout player this term.
He has already chipped in with nine goals and 13 assists in all competitions - just 12 goal involvements off his tally from last season.
Saka would have been hoping to add to his tally at Selhurst Park on what was his 250th appearance for Arsenal.
Only Cesc Fabregas and David O'Leary have hit the landmark milestone at a younger age than Saka.