The 38-year-old, who suffered a recurrence of a previous break to the right leg when he fell in the RSA Novice Chase at Cheltenham last week, gave an update on his condition to Racinguk.com.
"The diagnosis is that it's a very similar fracture on the inside of the original one, which has effectively opened up," said Walsh, a stable jockey for trainer Willie Mullins.
"It's good news in that the cast has come off and I am in an air-cushioned boot right now. I don't know exactly how long it will take to heal but it means I am hopeful of getting back for Punchestown. Aintree is not going to happen for me though.
"The prognosis could have been a lot worse and I just have to treat this as just another setback. I am determined to get back in the saddle for Punchestown and hopefully finish the season on a high."
The Grand National is at Aintree on April 14, with Punchestown on April 24-28.
Mullins has 12-1 joint favourite Total Recall among his Grand National contenders.
Walsh won the Grand National in 2000 on Papillon and 2005 on Hedgehunter. He also finished second in 2006 and third in 2009.
(Reporting by Alan Baldwin, editing by Christian Radnedge)
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