The 26-year-old, who joined on loan from Italian club Udinese until May, with a view to a permanent deal, was injured making his debut in the 1-0 FA Cup defeat by Millwall in February.
City manager Craig Shakespeare told BBC Radio Leicester: "Our best wishes are with him. It was freak incident.
"He will be back and around the training ground, but won't be playing."
Leicester City defender Molla Wague has been ruled out for the rest of the season with a dislocated shoulder.