Gray was injured in the closing stages as Leicester beat Wolves 3-1 on penalties in the Carabao Cup on Tuesday after a scoreless draw.
The England international appeared to go over on his ankle as he clashed with former Norwich player Ryan Bennett.
The player awaits the result of scans, and the injury could rule him out of England U21's games against Andorra and Scotland next month.
Albrighton said after the match: "He thinks it's just his ligaments at the minute. Fingers crossed for him.
"He did look in pain. It is difficult when you go in for those tackles, you always run the risk of twisting something. His work rate and his help for the team has cost him in that instance.
"He's a strong boy, he has got a big character so he will be back stronger than before.
"It is difficult, especially so late on in the game. The ref said there was a minute left. You have to stay switched on but in the back of your head you have just seen your mate get stretchered off in terrible pain.
"It is a difficult one and to be professional. To come in, see that he is positive and up and talking is great.
"It is positive. We will know more soon when he has a scan. We will have our fingers crossed for him and that is not as bad as first thought."