The team said Budinger will visit Dr. James Andrews in Birmingham, Alabama early next week and will announce the extent of the injury then.
Budinger spent his first three seasons with the Houston Rockets after being drafted by the Detroit Pistons in the second round of the 2009 NBA Draft.
Budinger was traded to the Timberwolves in June 2012. He averaged 9.4 points and 3.1 rebounds last season after missing 59 games returning from a left meniscus tear.
Minnesota still re-signed Budginer to a three-year, $15 million deal this offseason.