Wide receiver Golden Tate also was injured in the game, suffering a concussion because of the way he landed on his 23-yard touchdown reception in the fourth quarter of the 19-14 loss at Chicago.
There was no timetable set on Peppers' return, although the Giants believe it should be this season. It will depend on his pain tolerance.
"My understanding, his too, in terms of the evaluation of it, as I knew [Sunday] he had a sore back. I guess he can return; it's kind of relative to pain tolerance," coach Pat Shurmur said. "So, I would say no [to season-ending]."
Peppers was in severe pain after the game Sunday. He said the injury occurred when he was hit on a kickoff return with no time remaining in the first half.
The starting safety and returner did not return to the field in the second half.
"I'm tough. I'm hoping it's something I can tough through," Peppers said after barely being able to sit and dress himself in the locker room.
Peppers, 24, acquired in the offseason in the trade that sent Odell Beckham Jr. to the Cleveland Browns, leads the Giants with 78 tackles this season and also has an interception, which he returned for a touchdown.
Tate, 31, has 36 receptions for 450 yards and four touchdowns in his first season with the Giants after signing with the team in free agency. He already missed four games this season serving a four-game suspension for violating the league's policy on performance-enhancing substances.
With Tate now in doubt for Sunday against the Green Bay Packers, the Giants face the prospects of another week without their full arsenal. They have not played a game this season with Tate, wide receiver Sterling Shepard, running back Saquon Barkley and tight end Evan Engram working alongside rookie quarterback Daniel Jones.
Engram (foot) missed Sunday's seventh straight loss, which dropped the Giants' record to 2-9.