Mayo picked up the injury during the fourth quarter of his side's 30-27 win over the New Orleans Saints on Sunday and underwent surgery on it yesterday.
The 27-year-old, who leads the team in tackles this season, has now been placed on injured reserve and coach Bill Belichick admitted that his absence would be a loss for his side.
"He does a lot for us, on the field, off the field. We're just going to have to move on," Belichick told reporters.
The Patriots have re-signed defensive tackle Andre Neblett, whom they released last week, to fill the roster spot left vacant by Mayo.