Virginia coach Tony Bennett made the announcement late Saturday. He says the shooting guard will have surgery on Sunday.
Anderson was injured in the first half of Saturday night's 52-47 victory over No. 9 Louisville. He did not play in the second half.
Anderson was averaging 13.9 points per game for the Cavaliers going into the game. He also leads the ACC in 3-point shooting percentage, having made 45 of 95.
The junior, who shoots left-handed, also is a solid defender and the player the Cavaliers (21-1, 9-1 Atlantic Coast Conference) look to most when they need a spark. His flair for the dramatic often yields high-flying dunks and unexpected blocked shots.