The Argentinian damaged his anterior cruciate ligament during his side's 1-1 draw with MK Dons in the FA Cup on Saturday afternoon.
Despite admitting that he was "disappointed" by the setback, 25-year-old Faurlin has vowed to return "stronger".
"It's bad news for me. I have [a] rupture of the ACL. I'm out for the rest of the season. Really disappointed and sad," Faurlin wrote on Twitter.
"Things [have] never been easy for me but for sure I will be back stronger."
Faurlin joined Rangers in 2009 from Instituto.