The 30-year-old Redd was injured Sunday in the Bucks' 95-77 loss to the Los Angeles Lakers.
Red suffered the same injury last season and played in only 33 games.
"It's hard to explain the emotions that I'm feeling," Redd said. "I know the amount of hard work it will take for me to get back to playing and helping our team, but I will continue to put my trust in God to get me though this."
Redd, in his 10th year with the Bucks, averaged 11.9 points in 18 games this season.