The injury occurred Sunday in the latter stages of a 71-60 loss to Wisconsin.
Cekovsky, a 7-foot-1 junior from Slovakia, played in 17 games this season for the 24th-ranked Terrapins. He was averaging 7.6 points and 2.8 rebounds coming off the bench.
Cekovsky missed 10 games this season with injuries, none as serious as the one he sustained with four minutes left in Sunday's game.
"I feel badly for Ceko," coach Mark Turgeon said. "It felt like he was really starting to turn the corner and his best basketball was ahead of him."
Turgeon said he expects Cekovsky to make a "full recovery for next season."