Hoggard, 30, came off the field during Sri Lanka's second innings on the fourth day of the first Test here after the injury that bothered him the whole year flared up again.
"He is looking doubtful at this stage," Vaughan said of his premier strike bowler, who grabbed 4-29 to bowl out Sri Lanka for a modest 188 on the first day.
"We will have to monitor him for the next few days, but he has to be in doubt.
"It will be a huge blow if he is ruled out because he can bowl with the new ball and the old ball.
"But it will give others a chance to step in."
Vaughan, asked if Steve Harmison was likely to replace Hoggard, said: "Could be, but everyone is available for selection."
The second Test starts at the Sinhalese Sports Club in Colombo on Sunday.
Hoggard's injury added to the tourists' woes after they lost by 88 runs in the first Test, which ended here on Wednesday.
Hoggard has taken 252 wickets in 66 Tests and leads England's pace attack that comprises Ryan Sidebottom, James Anderson, Stuart Broad and Harmison.
Harmison had been ruled out of the first Test after suffering back spasms during a practice match in Colombo last week.