Hill has been struggling with a knee problem all season and was inactive for his side's win over the Oakland Raiders last week.
The Jets have finally decided to make the decision to end his season and place him on IR after seeing his problem was not going to improve.
Head coach Rex Ryan told reporters: "This young man's been battling the whole year. He's had some swelling in his knees. He'd come back, he'd rehab, get back.
"But it just seemed like almost any time that he would do a football-related activity, whether it was practice or, more specifically, games, his knee would swell."
Hill had made 24 receptions in the season for 342 yards and one touchdown.