Meades fell to the ground unchallenged during the second half of the U's 1-0 win over the Sky Blues on Saturday and was carried off on a stretcher with his left leg in a brace.
The summer signing was taken straight to hospital for an X-ray, which revealed there was no break, but the club are now awaiting the results of an MRI scan to see if the 21-year-old defender suffered any ligament damage.
"You understand, especially with a brave boy like he is, when they stick their hand up straight away there's a problem," manager Chris Wilder told the Oxford Mail.
"He caught his studs in the turf and just fell awkwardly. No-one was near him and there's no blame on anybody.
"Hopefully it will be okay but it took the gloss off what had been another excellent afternoon for us."