The injury occurred during the Wolverines' 56-54 win on Saturday versus Northwestern. LeVert will have surgery this week on the foot, which he previously had surgery on last May.
A 12-week recovery and rehabilitation period is expected for the junior, who was leading Michigan in scoring, rebounding, assists, steals and minutes.
"Caris has been working so hard this season, and for this to happen is very unfortunate," said Michigan coach John Beilein. "If we know anything about Caris, he will do everything it takes to not only get better but to help his teammates during this time. He is a tremendous young man who I will really miss coaching the remainder of the season. However, I am optimistic he will have a complete recovery."
LeVert averaged 14.9 points, 4.9 rebounds and 3.7 assists this season for the Wolverines in 18 games, including a 32-point effort against NJIT in December.
In the win over Northwestern, LeVert had 18 points, seven assists and six rebounds in 38 minutes of play.
Michigan (11-7) plays at Rutgers on Tuesday.
- Molly Geary