The Ibrox club's top scorer – who has netted 22 times in the 2012/13 campaign – picked up the knock in the game against Queen's Park at the National Stadium on December 29.
The 34-year-old then sat out the 3-1 win over Irn-Bru Third Division rivals Annan Athletic at Galabank last Wednesday as a result of the problem.
He returned in the disappointing 1-1 draw with Elgin City at Ibrox on Saturday and played for the full 90 minutes.
But McCulloch was unhappy with his performance for Ally McCoist's men at the weekend and has admitted he may take some time off.
Speaking to the official Rangers website, he said: "I was struggling at the Queen's Park game at Hampden with my ankle. It was really sore and I was trying to protect it as much as I could.
"I then missed the midweek game at Annan and in the game on Saturday I could feel it a little bit when I was running.
"It's just something I'll need to have a look at and I know I need to do what is best for the team.
"If I'm not giving the side anything because of my ankle, it's up to me to suggest taking me out and we'll see how things go this week."
The development is disappointing for Light Blues manager McCoist as McCulloch, who has played at centre-half, up front and in midfield this campaign, has been one of the mainstays of his team in the fourth tier.
He will be hoping the former Motherwell and Wigan Athletic man has made a full recovery in time for the William Hill Scottish Cup clash with SPL rivals Dundee United at Tannadice on Saturday, February 2.
Meanwhile, centre-half Ross Perry is set to see a specialist after breaking his nose against Elgin.
The 22-year-old came off towards the end of the game with the Borough Briggs club after being involved in a clash of heads with Stewart Leslie.
The specialist will decide how long the Rangers starlet spends out of the first team.