Poole was injured during practice on May 4.
A fourth-round pick of Miami in 2004, Poole, 23, appeared in 15 games for the Dolphins last season and had 37 tackles with one sack. Poole, out of Southern California, was expected to start at left cornerback this year following Patrick Surtain's trade to Kansas City.
The Dolphins are reportedly interested in free agent veteran Ty Law. Law, 31, is recovering from a foot injury that cost him the final nine games of last season with the New England Patriots and knocked him out of the playoffs.
Law had a screw placed in the foot following the season and is expected to be able to work out for teams in June.