It has been confirmed that the 22-year-old suffered ligament damage during last weekend's match against London Irish, which will require surgery to correct.
"It is devastating news for both the player and the club. Christian was hugely unlucky to miss out on being capped this Autumn with England and he had hoped to push on and put in some good performances for Wasps to get him in contention for Six Nations selection," director of rugby Dai Young told the club's official website.
"It is a huge blow for him but he is a young player with a huge future and his time will come around again."
The injury will keep Wade out of next year's Six Nations and has made him a doubt for England's tour of New Zealand in June.