Streater was injured at New England in Week 3 but still accompanied the Raiders to London for their game against the Dolphins on Sunday.
"Rod is going to be fine," said his agent, D.S. Ping. "He should be back strong later this season."
Raiders coach Dennis Allen confirmed to reporters in London on Wednesday that Streater will need surgery and that safety Tyvon Branch will undergo a procedure on his foot as well. Allen said there is no timeline for either player's recovery.
The Raiders, however, placed Branch on injured reserve later Wednesday, ending his season. Oakland claimed safety Brandian Ross off waivers from the Dolphins to fill Branch's roster spot.
Branch missed all but two games last season with a broken leg and also was placed on injured reserve in 2009.
Streater has nine catches for 84 yards and one touchdown this season. Without Streater, the Raiders' three starting receivers will likely come from a combination of James Jones, Denarius Moore, Andre Holmes and the newly signed Vincent Brown.
Unlike Streater, Branch did not accompany the Raiders to London.