Bellerin was substituted at half-time in Sunday's 2-2 draw with Crystal Palace, the 23-year-old replaced by Stephan Lichtsteiner.
The full-back is one of five Gunners defenders currently sidelined with injury, leaving coach Unai Emery with very few options ahead of two games in quick succession.
Bellerin suffered a right thigh injury at Selhurst Park and will be assessed ahead of Liverpool's trip to Emirates Stadium on Saturday – where a win would move Arsenal to within one point of Jurgen Klopp's side.
Hamstring injuries are currently keeping Nacho Monreal and Sead Kolasinac out, although the pair could provide a welcome boost for the midweek cup clash.
Both will be checked before Arsenal face Blackpool, but the wait for Konstantinos Mavropanos and Laurent Koscielny goes on.
Mavropanos is expected to return to training next month after a groin problem, while Koscielny's recovery from Achilles surgery has seen him start to be reintegrated back into the squad.
Arsenal will also be without Mohamed Elneny for the next two weeks due to a thigh problem.