Camarillo left Miami's 48-28 loss to New England in the second half Sunday and did not return.
"You don't want to lose a player like that," Sparano said. "He's been really productive for us. To me, the guy's been exactly what you're looking for on your football team. I'm disappointed for him. I know how important it is for him."
The injury ends Camarillo's breakout year with the Dolphins. He leads the Dolphins with 55 receptions for 613 yards and two touchdowns after catching a total of eight passes in his first two NFL seasons.
"He's a very, very consistent player," said Casey Cramer, who has roomed with Camarillo for the past three games. "I just hope that he heals quickly and he gets back out as soon as he can. He's a great guy."
Camarillo did not think the injury was season-ending after Sunday's game, his agent J.R. Rickert said.
"He's in good spirits considering the circumstances," Rickert said. "Greg is the kind of guy who really likes going out there every week and laying it on the line with his teammates."
This is the second time in two years that the Dolphins have lost a key player during a game against the Patriots. Running back Ronnie Brown needed surgery to repair a torn ACL after the Dolphins' 49-28 loss to New England on Oct. 21, 2007.
Camarillo signed a $6 million, three-year extension this year that will keep him under contract through 2011.
"It hurts to lose Greg, but I think we'll be fine," running back Patrick Cobbs said. "I think this team can pick it up and we can definitely move forward."