The Toffees disclosed this in a statement released on Sunday.
Iwobi suffered the injury in Friday’s Emirates FA Cup third round fixture at Manchester United which Everton lost 3-1.
The former Arsenal man twisted his ankle following a challenge by United’s Tyrell Malacia and had to be stretchered off.
The statement from Everton read:”Alex Iwobi is expected to be out for around three weeks with the ankle ligament injury sustained against Manchester United on Friday.
“The Everton midfielder was taken off on a stretcher early in the second half of the FA Cup tie at Old Trafford.
“Scan results on Saturday confirmed a lateral ligament injury that will be managed conservatively by the Club’s medical team at Finch Farm.
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