The Lakers made the announcement Thursday.
Ellington is the fifth player lost for the season by the Lakers, who have the NBA's fourth-worst record at 20-54. Los Angeles also is without Kobe Bryant, Steve Nash, Xavier Henry and first-round pick Julius Randle.
Ellington was hurt in the fourth quarter of the Lakers' loss to New Orleans on Wednesday. He started 36 of his 65 games for Los Angeles this season, averaging 10.0 points, 3.2 rebounds and 1.6 assists.
The Lakers are the fifth NBA team for the six-year veteran out of North Carolina. Ellington will be an unrestricted free agent this summer.