Gunners boss Arsene Wenger feared the left-back had suffered another broken metatarsal, having missed a large part of last season with a similar injury, and with it the chance to feature at the World Cup.
However, scans have revealed nothing more than severe bruising.
Lucky break: Gibbs (right) will only have a short spell on the sidelines
A statement from Arsenal read: 'The club is happy to confirm that, following last night's Carling Cup third round match at Tottenham Hotspur, a scan to Kieran Gibbs' foot has shown there is no fracture.
'Kieran has suffered severe bruising to his left foot and will hopefully only be missing from first-team action for the short term.'
Arsenal are already without captain Cesc Fabregas, England winger Theo Walcott, Holland striker Robin van Persie, Denmark forward Nicklas Bendtner and midfielder Abou Diaby.
However, centre-half Thomas Vermaelen could be available for the visit of WestBrom on Saturday after his Achilles injury.
Arsenal boss Wenger admits fears over defender Gibbs's foot injury Bassong slams 'diving' Nasri after Spurs crash out of Cup to ArsenalTottenham 1 Arsenal 4 (aet): Nasri at the double as Gunners rip rivalsVela and Juarez banned by Mexico for six months over post-match partyARSENAL FC