The 28-year-old was replaced after 76 minutes and manager David Martindale believes an MRI will confirm his season is over. It means Livi will be without Obileye and fellow centre-back Jack Fitzwater for the Premiership clash with Dundee United on Wednesday.
"I think it's a bad one,” he said. “He's going for an MRI once the swelling's down. When I say a bad one, we think he's going to miss the rest of the season and potentially into a bit of pre-season. It's not a great one.”
Meanwhile, Martindale has issued a statement following his sending off at the end of the clash with Hibs. The Livi boss was dismissed after giving David Marshall the middle finger when he was asked by the visiting goalkeeper how long was left in the match.
"I want to put on record my disappointment at my own behaviour from the weekend,” he said. “I need to remember that my behaviour has an impression on supporters and I am the one who sets the standards here at the club.
“It was a light hearted joke with David Marshall at the time, but I can see that it can be construed otherwise without being privy to the context of the words used with the gesture. I offer my genuine apologies to anyone I offended with the gesture – and with the benefit of hindsight, I can see how foolish it was.”