The Melbourne flyer suffered the injury as he unsuccessfully attempted to dive on the ball for a try in the second half of Saturday night's 16-6 win.
Coates played no further part at AAMI Park, needing assistance to leave the field.
Scans on Sunday revealed a low-grade tear in Coates' right hamstring that will keep him out for between six and eight weeks.
With Origin III scheduled for July 17, Queensland coach Billy Slater is now searching for a new right winger as his side looks to bounce back from a big 38-18 loss in game two.
A newly-fit Selwyn Cobbo is the obvious candidate to come into the Queensland backline but that would involve scrapping previous plans to use him as a bench utility.
Slater controversially selected the Brisbane flyer on the interchange for game one, but his utility value paid off when fullback Reece Walsh went down with a head knock early on.
Cobbo was then rested him from game two to deal with a niggle, with replacement utility Kurt Capewell struggling for impact.
Veteran Queenslander Dane Gagai is another option to come into the Maroons' backline, having been selected in the extended squad for game two.
Alofiana Khan-Pereira, who entered round 17 as the NRL's leading tryscorer, and his Gold Coast teammate Phil Sami are out-of-the-box choices.
In good news for the first-placed Storm, Coates will return in time for the finals series, with an eight-week lay-off meaning his return game would come against the Dolphins in round 25.
One of the Storm's best players this season, Coates was replaced by Sua Fa'alogo and Grant Anderson across two games sidelined with a hamstring issue earlier in the year.
Anderson played in the centres on Saturday night, but with Nick Meaney expected back next week, he could be shifted to the wing to cover for Coates against Wests Tigers.
Fa'alogo is likely to remain at fullback as long as Ryan Papenhuyzen is sidelined with a foot issue.
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