Finley was injured in the Packers 31-13 victory over the Cleveland Browns when he took a hit to the head from Browns safety Tashaun Gipson. He suffered a spinal contusion in his neck area, causing temporary numbness in his extremities.
The report states that it is expected that the team will put him on injured reserve, ending his season.
Finley has 25 catches for 300 yards and three touchdowns this season and will be a free agent in 2014.
"Jermichael Finley is still seeking the opinions from specialists," Packers head coach Mike McCarthy said Wednesday. "[He's] doing better each and every day. Just communicating, frankly, with someone who just came from the hospital right before practice [who] said he's doing well. He's making progress."