Neymar has been ruled out for up to 10 weeks and will miss both legs of Paris Saint-Germain's Champions League round of 16 tie against Manchester United, the Ligue 1 club have confirmed.
The Brazil international was injured while playing against Strasbourg last Wednesday in the French Cup but will not require surgery.
A PSG statement read: "On Tuesday evening Paris Saint-Germain gathered together a group of world-renowned medical experts at the Ooredoo Training Centre to carry out a thorough review of the injury to Neymar Jr.'s right foot, sustained against RC Strasbourg in the Coupe de France round of 16 match on Jan. 23.
"After detailed analysis by the specialists, a consensus was reached of a conservative treatment of Neymar Jr.'s injury to the fifth right metatarsal. Informed of this recommendation, Paris Saint-Germain's Brazilian international striker agreed with this protocol. As a result, Neymar Jr. is expected to return to the field within 10 weeks.
"Paris Saint-Germain sends its strongest support and encouragement to Neymar Jr. to overcome this injury, with the courage and determination that the player has always shown."
It is the second injury in as many years to Neymar's fifth metatarsal in his right foot, and it has occurred at almost exactly the same point in consecutive seasons.
Until Tuesday's decision was made, ESPN FC sources said that Neymar had been facing potentially season-ending surgery. Based on PSG's projected recovery period, he should be back in mid-April.
If that is the case, he could be back for the second leg of a potential Champions League quarterfinal, but along with matches against Manchester United he will miss Lyon away and Marseille at home in Ligue 1.
Information from ESPN FC's PSG correspondent Jonathan Johnson was used in this report.