Haliburton is widely considered a first-round pick for the 2020 draft if he decides to go pro. He is the No. 6 overall prospect in ESPN's rankings of potential 2020 draft prospects.
Haliburton suffered the injury just before halftime of Iowa State's 73-63 victory over Kansas State on Saturday. The school said the severity of the injury was revealed Sunday after an MRI.
"This comes as a shock to me, my family, my teammates and coaches," Haliburton said in a statement. "As this season continues, I will try to be the best teammate possible. I know my brothers will step up and I can't wait to be there every step of the way."
The 6-foot-5 sophomore was averaging 15.2 points, 5.9 rebounds, 6.5 assists and 2.5 steals this season.
"We are disappointed for Tyrese and his family and we are focused on helping him in his recovery," Cyclones coach Steve Prohm said. "There is no doubt in my mind that Tyrese will face this setback with the same energy and passion that we have all come to appreciate and that he will return from this better than ever."