The right-back collided with Foxes midfielder Boubakary Soumare and landed awkwardly, appearing to twist his knee.
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The right-back was left in great distress and was stretchered from the field of play after just returning from a hamstring problem.
It looked to be an awful injury and Toffees fans await news on their club captain as they look to stave off relegation from the Premier League.
What is the latest on Coleman's injury?
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Speaking to talkSPORT after the draw with Leicester, Everton boss Sean Dyche confirmed he was worried about the right-back.
He said: "We're waiting on news about Seamus. It doesn't look great but we're waiting on the clarity on that.
"The medics are thinking it's probably going to be more serious than not."
However, after a scan, Coleman revealed he has avoided any serious damage.
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There were fears he had suffered an ACL injury but he has dispelled those concerns.
In a statement, the club captain said: "Just wanted to update you all, thanks so much for all the well wishes. Just back from my scan and pleased to say I have no ACL damage. Be back soon."
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Judging by Coleman's statement, the right-back should play some part in the remainder of the campaign, which is incredible given just how bad the injury appeared to be.
However, you would think he will miss the upcoming match against Brighton, but could return for the Manchester City clash later this month.
Meanwhile, talkSPORT's Jason Cundy was furious with Sky Sports' coverage of the injury.
Cundy's career was ended by a severe knee issue and he felt the broadcaster could have avoided showing such graphic images.
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Speaking on The Sports Bar, he said: "I was absolutely and utterly appalled at whoever the director was at Sky showing constant replays of that injury.
"Have some respect for someone's career, he has been an unbelievable servant to Everton."