The midfielder suffered the injury, which is very similar to Leighton Baines' from earlier this season, during the Toffees' FA Cup win over QPR and could face up to six weeks out.
After the midfielder sat out Saturday's 2-0 win at home to Norwich City, Everton manager Roberto Martinez revealed fears that he could be without Barkley for a prolonged period.
"It looks like he's going to be out for a while," Martinez told reporters. "It could be [broken] and that's what we're worried about. It's a very similar incident to the one Leighton Baines had.
"Some can go a couple of weeks and others a bit longer like Leighton. Because it was a bad one it took six weeks."
Baines missed six games after picking up the same injury in the first Merseyside derby of the season at Goodison Park in November.