DiPietro had arthroscopic knee surgery Oct. 31. The decision to sit out the rest of the season is a precautionary measure to address swelling in the knee.
DiPietro, first-overall pick in the 2000 draft, is expected to resume skating this summer in preparation for the 2009-10 season.
"This has been one of the most frustrating situations I have ever had to deal with, but this is the right decision for me and the team," said DiPietro. "I am confident this will allow me to make a complete recovery, be ready in plenty of time for next season."
DiPietro, an NHL All-Star starter in 2007-08, has played in just five games this season. He has played in 273 NHL games and has a record of 117-112-24 with eight ties.