The veteran CFL passer was hurt in the first quarter of Friday’s 35-14 home loss to Calgary when he was hit from the side by Stampeders defensive lineman Charleston Hughes while throwing on the run and knocked awkwardly to the turf.
The 33-year-old Ray, who’s fifth in league passing this season with 1,824 yards, missed a game earlier this season with a strained knee ligament.
Ray had been on a hot streak prior to the injury, making Toronto's offence one of the league's most potent.
Argos head coach Scott Milanovich said second-year man Zach Collaros will be Toronto's starter in Ray's absence.
Collaros will start Tuesday when Toronto hosts Montreal.
It will be his second start of the year. He led Toronto to a 38-12 home win over B.C., on July 30 when Ray was out with a knee injury.