The 23-year-old sustained the ankle injury during last weekend’s goalless draw at Annan.
“David has obviously got a very sore one,” said Rangers boss Ally McCoist.
“The good news is that it’s not broken.
“He has been for an X-ray but there is massive swelling and there looks to be a good bit of damage to the ligaments unfortunately.
“We are waiting on the swelling going down and then David will get a scan in the next few days.”
Templeton signed a four-year contract when he joined Rangers from Hearts at the end of August.
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.