Wilson was helped off the field in the second quarter of the preseason game against the Philadelphia Eagles. He will have surgery within the next few days.
"ACL/MCL for Gibril Wilson what a bummer," Wilson's agent, Alvin Keels, tweeted. "I felt he would really contribute this year. He will bounce back."
Wilson, 28, was drafted by the Giants out of Tennessee in 2004 and played in New York for four seasons before landing in Oakland.
The Bengals signed him during the offseason after he was cut by the Miami Dolphins, where he played for one season.