Kalinic has played just eight times in his first year as an Aston Villa player.
Kalinic, for whom Villa are reported to have paid £5 million in January 2019, was lent to Toulouse last month having failed to play a single senior game for the Villans this season.
But in his only fourth appearance for the Ligue 1 side, the Croatian suffered a torn thigh and was withdrawn in the 36th minute.
L'Equipe reports that Kalinic will miss 'a month at best', providing the demoted Baptiste Reynet with a chance to reclaim his place between the posts.
Reynet was said to have felt 'betrayed' by Toulouse's decision to sign the Aston Villa outcast.
Kalinic arrived at Villa as first-choice 'keeper, but lost his place after just seven Championship outings.
The Villans' subsequent capture of Tom Heaton nudged the 29-year-old even further down the pecking order and both Orjan Nyland and Jed Steer have been favoured by the Lions boss Dean Smith in Heaton's recent absence.
Kalinic's Aston Villa contract still has three-and-a-half-years left to run and his injury could hinder the club's chances of selling him this summer.
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