Bailey suffered the injury during the first period of Friday night’s 4-0 loss to the Penguins and did not return.
The 28-year-old has been enjoying a career-best season in Brooklyn, registering 12 goals and 38 assists in 42 games this year. Bailey posted a career-high 56 points last season in 82 games.
The Islanders (21-18-4) snapped a five-game losing streak Sunday and moved into a tie for fifth place in the tight-knit Metropolitan Division. They now have six days off before facing the New York Rangers at Madison Square Garden on Saturday.