Bailey has struggled to stay fit since moving to Villa Park from Bayer Leverkusen for £30m last summer.
The 24-year-old has only made 18 appearances this season, scoring one goal and providing two assists.
His latest injury problem came in the 2-0 victory over Norwich City in the Premier League on Saturday.
Having started brightly against the Canaries, Bailey lasted just 40 minutes before going down with an ankle issue before being replaced by Danny Ings.
Gerrard could not hide his disappointment at Bailey's injury problems after the final whistle.
"It’s an ankle issue. In terms of the extent and the damage I’m sure he’ll be MRI scanned in the next 24 to 48 hours. I’m really disappointed and frustrated for him because he’s worked really hard to get back, he’s been training ever so well," Gerrard said.
"We wanted to give him another opportunity off the back of Leicester to really try and keep him in the rhythm. You see how he started the game he nearly scores with a fantastic effort and a top save from Tim Krul.
"Not too far after that he’s got to come off the pitch. He’s frustrated, we’re frustrated and I’m sure the supporters are as well.
"He said there was a bit of a twist after the contact so we’ll get him looked at. He’s obviously going to be a major doubt for the next game against Burnley because it’s very rare that you come off the pitch and you’re available for the next game, so we are concerned about it."
