Hilton suffered the concussion when he hit his head on the ground hard after going up for a pass in the fourth quarter in Sunday's overtime loss to the Tennessee Titans. He remained on the ground momentarily before leaving the field on his own and immediately going to the tent on the sideline to get evaluated.
Hilton's 10th NFL season has been full of injuries. He missed the first five games of the season because of a disk injury that occurred late in training camp in August.
Hilton made his season debut against Houston in Week 6, catching four passes for 80 yards before leaving in the fourth quarter with a quad injury that caused him to miss the following game at San Francisco on Oct. 24.
Hilton has six catches for 96 yards in less than two full games this season.
The Colts (3-5) will now be without two of their top receivers against the Jets, as Parris Campbell is also out with a foot injury.
Reich also said Monday that defensive lineman Tyquan Lewis is out for the season because of a patellar tendon injury. Lewis suffered the injury when he intercepted Titans quarterback Ryan Tannehill in the first half.