The Canal and River Trust have said there will be a barrier up this week.
A large part of the Ashby Canal, near Nutts Lane Bridge, has collapsed into the water.
The concrete edges and the footpath have fallen away making the towpath significantly smaller.
This path is used regularly by walkers and cyclists.
On the other side of the bridge, the grass verge has also broken away and the bank is very close to the footpath.
A spokesperson from The Canal and River Trust, said: "We’re aware of the damage to the towpath near Nutts Lane Bridge and our main priority at the moment is making the path safe for everyone that enjoys it. We aim to have a barrier along the affected section in place this week.
"Once the towpath has been made safe we’ll begin investigations into the damage and identifying the necessary repairs."
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