Powell was stretchered off during the Suns' 28-point away loss to Adelaide on Saturday after his left ankle buckled in a marking contest.
Last year, Powell suffered a broken and dislocated right ankle in a game against the Crows.
The unlucky 23-year-old will likely require surgery this week to repair the latest damage.
"Wil landed awkwardly from a marking contest and he's injured the medial ligaments of his ankle," Gold Coast head physiotherapist Lindsay Bull said.
"That will require us to see a specialist tomorrow (Tuesday) and he'll likely have surgery this week.
"Usually it is a 12-week recovery period, so we expect Wil to have quite a good off-season and be ready to go for day one of pre-season."
Powell's injury compounded a loss that all but ended Gold Coast's finals push.
The Suns sit in 14th place, eight points and percentage outside the top eight with just three rounds left to play.
Fellow finals hopefuls the Western Bulldogs will be unable to call on forward Mitch Hannan for the rest of the season after he ruptured an Achilles tendon while playing in the VFL on the weekend.
Hannan, who played six AFL games this season, has had surgery and faces up to a year on the sidelines.
It continues a frustrating run of injuries for the 29-year-old since the 2021 grand final.
"With a 9-12 month recovery period common for these types of injuries, we will put our arms around Mitch to support him over the next few weeks before we start to map out his rehabilitation plan," Bulldogs head of sports medicine Chris Bell said.
Alex Keath is set to return from concussion for the Bulldogs against Hawthorn this week, while fellow key defender Ryan Gardner (ankle/toe) and Hayden Crozier (hamstring) face fitness tests.
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