The back-row forward, who captained England in this season's last two Six Nations Championship games against Italy and Scotland, cannot play again until May 11.
Apart from the Toulouse clash, Corry will also miss Leicester's top-of-the-table Zurich Premiership clash against Wasps at Welford Road on Saturday week.
If Leicester lose that game, therefore consigning them to second place in the Premiership, they will face a play-off semi-final on May 7 which Corry would also be sidelined for.
But his Lions ambitions are not affected, given that their opening New Zealand tour game against Bay of Plenty in Rotorua is not until June 4.
Corry, who attended a Rugby Football Union disciplinary hearing in Coventry on Tuesday night, was sent off for striking England and Lions colleague Richard Hill in the face with his elbow last Sunday.
The first-half incident during Leicester's Premiership defeat against Saracens at Vicarage Road saw Corry red-carded by leading English referee Chris White.
Corry, capped 37 times by England, admitted his guilt and expressed regret when he appeared before the three-man RFU panel chaired by Richard Moon in a hearing that lasted 90 minutes.
The panel accepted Corry's action was reckless, rather than deliberate, and they took into account an earlier period of suspension this season.
The 31-year-old was suspended for two weeks last October for stamping on Bath hooker Jonathan Humphreys in a Premiership game.
Leicester confirmed shortly after the hearing that no appeal would be lodged against the latest ban.
And the player himself made a brief comment, stating: "I feel that I have let the whole club down, especially the supporters, and all I can do is express my sincere regret."
Corry has proved an influential performer for club and country this season, and Leicester are sure to miss his presence as they target a place in the European Cup final for a fourth time.