Over five games this season, the 6-foot-5 senior has led Maryland with 16.2 points, 4.8 rebounds and 2.6 assists in 29.2 minutes per game. Wells, who is in his third season with Maryland after transferring from Xavier, was named to SI.com's list of the top 20 wings in college basketball entering 2014-15.
"Dez has been playing at a very high level and we will certainly miss our team leader," Maryland coach Mark Turgeon said in a news release. "I am extremely disappointed for Dez because I know how hard he has worked in the offseason to prepare for his senior season."
The Terrapins, who were picked to finish 10th in the Big Ten by a media panel, don't begin conference play until Dec. 30, but their schedule over the coming weeks includes matchups with No. 8 Virginia and Big 12 foe Oklahoma State.
Maryland (5-0) hosts Monmouth on Friday.