Selanne was injured in the third period of Anaheim's 4-3 win over Boston on Wednesday when a teammate's slap shot was deflected and bounced up into his face.
The team said Selanne is expected to be out two to six weeks, and he is listed on the injured reserve.
Selanne's fifth appearance at the Olympics for Finland is now in jeopardy. Finland's first game at the Vancouver Olympics is Feb. 17 against Belarus.
The Finnish Olympic team took another hit Thursday night when Anaheim center Saku Koivu suffered a lower-body injury. Koivu, the captain of Team Finland, got tangled up with a Los Angeles player after a faceoff midway through the second period, skating slowly to the bench. The Ducks said Koivu would sit out the third period.
Koivu has 10 goals and 19 assists over 42 games in his first season with Anaheim.
Selanne has been the top scorer at the Olympics twice, including at the 2006 Turin Games where he helped the Finns win silver.
The 39-year-old forward was playing for just the third time after missing the previous 17 games with a broken left hand.
After a slow start to the season, the banged-up Ducks won their fifth straight game on Wednesday. Now, last-place Anaheim must move on without a player who was third on the team with 16 goals.
Selanne, in his third stint with the Ducks, had 48 goals and 46 assists in 2006-07 to help Anaheim win its first and only Stanley Cup.
He flirted with retirement the following season before returning for 26 games. It was not enough to boost the Ducks in the playoffs as they lost in the first round.
In 65 games last season, he posted 27 goals and 27 assists, but the Ducks lost in the conference semifinals to Detroit.
Selanne is five goals short of 600 for his career, leading all active players. Selanne is a 10-time All-Star and three-time NHL goal-scoring champion.
The Associated Press contributed to this story.