England international Gibbs sustained the ankle injury in Wednesday's UEFA Champions League win over Partizan Belgrade.
Gibbs underwent scans on the problem on Thursday and it has been confirmed he faces a spell on the sidelines.
It means Gibbs will miss Monday's trip to Manchester United as well as a number of games over the busy festive period.
However, Gael Clichy is set to be fit for the clash at Old Trafford after recovering from the illness which forced him to miss the Partizan tie.
"We have lost Kieran Gibbs from Wednesday night but he should be the only one. We think today that he will be out for three weeks," Gunners boss Arsene Wenger told the club's official website.
"I am very disappointed [about it]. I hope it will not put in his mind that he is an injured player. It was just an accident and you cannot do anything about it. Time will help him get over that and it is not major damage in his ankle.
"We should have [Gael] back [for Monday]. He was in today. He was very weak still but we hope he will progress well.
Wenger is also unsure if captain Cesc Fabregas will recover in time from a hamstring injury for Monday's title showdown, but he will give the midfielder until the last minute to prove his fitness.
"We could have Cesc Fabregas [back]," added Wenger. "But there is a big uncertainty if he can be in the squad or not. That will be decided very late."
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