On Saturday night, Palace boss Alan Pardew had admitted that the striker's injury looked "serious" and after the player underwent an MRI scan, it has now been confirmed that he faces a lengthy layoff.
A club statement read: "Connor Wickham's injury sustained at the match against Swansea City on Saturday has seen him undergo an MRI scan and it is confirmed he received an Anterior Cruciate Ligament injury to his right knee.
"He will now undergo surgery and his return to action will be confirmed once rehabilitation starts following surgery.
"Everyone at the club wishes Connor a speedy recovery and we look forward to seeing him back in action as soon as possible."
Wickham had been making his 10th appearance of the season in the 5-4 defeat to Swansea at the Liberty Stadium.