Ablett will have scans on Monday to determine the extent of the injury to his left shoulder, which was relocated and stabilised immediately after entering the change rooms on Saturday night.
Larkins said there was a 50 per cent chance Ablett's shoulder would dislocate again if he didn't have surgery to repair it, but he would recommend an alternative recovery given the Brownlow Medal favourite's circumstances.
"Knowing how important he is, my feeling and my advice would be to get the pain under control, let the blood settle down in his shoulder and let him rehabilitate for three to four weeks minimum – not one to two," Larkins said on 3AW.
"That way he's more likely to get through the season rather than if he just takes the one to two [weeks' rest].
"I'd make an exception to the surgery rule and I'd see where he is within two to three weeks, knowing I'd be aiming for the four-week mark at best."
Larkins used Collingwood defender Nathan Brown as an example why clubs should be cautious when bringing players back from shoulder dislocations.
Brown dislocated his shoulder in round two and returned in the VFL after two weeks' rest. He reinjured the shoulder against West Coast in round 10 and has since had surgery.
Larkins said a decision for Ablett to undergo surgery would be made easier if scans on Monday revealed a bone chip.
"When you dislocate a shoulder it's usually a ligament injury without bone damage," he said.
"The scan tomorrow is not to find out if he's dislocated his shoulder, because we know that. The scan tells us if he has bone chip.
"There's a 50 per cent chance it'll come out again if he plays without surgery.
"We know historically they come out, particularly if you're in the heat of the battle like Gary is."
Ablett was an odds-on favourite for the Brownlow Medal ahead of Saturday night's match, and his expected stint on the sidelines opens up the race for the prestigious award.
The 30-year-old was on track to become just the fifth player in the history of the game to win a third Brownlow Medal, but no one has won 'Charlie' after missing more than four games in that season.
Leading medal hopes in Ablett's absence would be Collingwood captain Scott Pendlebury, Sydney Swans midfielder Josh Kennedy and Geelong star Joel Selwood.
Ablett's injury also opens up a scenario where Fremantle midfielder Nat Fyfe could poll the most votes on Brownlow night but not take home the medal after a two-week ban for rough conduct made him ineligible.
Fyfe was suspended after he chose to bump Gold Coast midfielder Michael Rischitelli in round two resulting in an accidental head clash.
