Semiconductor technology evolution suggests that permanent failure rates will increase dramatically with scaling, in particular for SRAM cells. While well known approaches such as error correcting codes exist to recover from failures and provide fault-free chips, they will not be affordable anymore in the future due to their non-scalable cost. Consequently, other approaches like fine grain disabling and reconfiguration of hardware elements (e.g. individual functional units or cache blocks) will become economically necessary. This fine-grain disabling will lead to degraded performance compared to a fault-free execution. To the best of our knowledge, all static worst-case execution time (WCET) estimation methods assume fault-free architectures. Their result is not safe anymore when using fine grain disabling of hardware components, which degrades performance. In this paper we provide the first method that statically calculates a probabilistic WCET bound in the presence of permanent faults in instruction caches. The proposed method, from a given program, cache configuration and probability of cell failure, derives a probabilistic WCET bound. The proposed method, because it relies on static analysis, is guaranteed to identify the longest program path, its probabilistic nature only stemming from the presence of faults. The method is computationally tractable because it does not require an exhaustive enumeration of the possible locations of faulty cache blocks. Experimental results show that it provides WCET estimates very close to, but never below, the method that derives probabilistic WCETs by enumerating all possible locations of faulty cache blocks. The proposed method not only allows to quantify the impact of permanent faults on WCET estimates, but also can be used in architectural exploration frameworks to select the most appropriate fault management mechanisms.