Leopold, who hurt his wrist in the third period against Calgary last Thursday night, had the MRI exam on Monday. He is scheduled for surgery this week.
It's the third significant injury this season for Leopold. He missed the first 25 games of the season as he recovered from offseason hernia surgery and then another 17 games with a groin injury he suffered in December.
Leopold has missed the last two games -- both Avalanche losses -- because of the wrist injury.
"Tough year," Avalanche coach Joel Quenneville said. "Another tough blow."
Defenseman Jeff Finger was called up from AHL Albany last Saturday and is expected to make his NHL debut Tuesday night against Calgary.
"I'm looking forward to seeing him," Quenneville said.
The Avalanche lost defenseman Patrice Brisebois for the season to a back injury in late December against Dallas.
"To lose Briser and Leo, a couple of important guys for us," Quenneville said. "It's one after the other."
Defenseman Brett Clark leads the team in ice time -- more than 23 minutes a game -- but may have to be out there even more with Leopold's latest injury. Leopold had two goals and three assists in 15 games this season.
"It's been a long season for him," Clark said. "As a team we've got to rebound and try to step up our games all around. He's a great asset when he's in the lineup. We're going to miss that."
Leopold was obtained from the Flames, along with a 2006 second-round draft pick and another conditional second-round pick, last June for Alex Tanguay.
Tanguay has played in 58 games this season and has 17 goals and 41 assists.