Malkin is expected to be ready for the start of training camp in September, general manager Ray Shero said Wednesday.
Malkin, 24, was injured during Friday night's 3-2 home win over the Buffalo Sabres. He had an MRI exam Saturday, which showed the tears to both the anterior cruciate and medial collateral ligaments in his right knee.
Malkin, the 2009 NHL scoring champion and Conn Smythe Trophy winner, had 15 goals and 22 assists in 43 games this season.
Information from The Associated Press was used in this report.