Sakic, 39, playing his 20th season, was hurt during his only shift Nov. 28 at Phoenix. He also missed time previously with a strained back and an infected tooth.
"I'm comfortable with the plan going forward and will work as hard as I always have in order to return to the lineup," he said on the team's Web site.
"He'll continue to be monitored by our medical staff who will prescribe a treatment regimen that will hopefully allow Joe to be back playing as quickly as possible," said Francois Giguere, the team's executive vice president and general manager. "Our team physicians are confident that this course of action is the best for Joe at this point in time."
In 15 games this season, Sakic, has two goals and 10 assists for 12 points.
Sakic is 12th all-time with 205 power-play goals among active NHL players.