With the Foxes 3-0 up in a meaningless match at the King Power Stadium, Fernando Nino came sliding in from behind and left Fofana in agony with a fierce scissor tackle.
There was immediate concern for the defender as he was stretched from the pitch.
The 20-year-old posted a positive message on his Instagram, thanking Leicester's 'wonderful medical team' and vowing to fans he will come back stronger.
Rodgers gave an update on Fofana's condition in his press conference ahead of Saturday's Community Shield clash with Man City.
He said: "He fractured his fibula. So it's a horrendous injury for us and we are devastated for him.
"He's a top class player so he's going to be a huge loss for us.
"Our medical team were fantastic. They looked after him. Our trauma doctor was able to put his ankle back in place. Then he went to the hospital.
"He has another scan today, which he couldn't have last night because the ankle was so swollen.
"That will give us a clearer indication of how long he will be out for."
Nino also posted an apology following his appalling challenge that caused the horrible injury in the friendly.
He wrote on Instagram: "I'm writing to publicly apologise, having already done so privately with him, to Wesley Fofana for what happened last night at the King Power Stadium in Leicester.
"At no time was it my intention to harm him, as unfortunately happened.
"I sincerely hope he has a speedy recovery and can return to the pitch as soon as possible to continue to show he is a footballer of the highest level."
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