He is expected to return for the start of training camp.
The 24-year-old is set to play his third season with the Bears after joining the team as an undrafted free agent in 2015.
Meredith was one of the breakout stars of the 2016 season, leading the team with 66 catches for 888 yards in just 14 games. With Alshon Jeffery in and out of the lineup due to injury, he became a top option for all three quarterbacks who started in Chicago last year.
He also added four receiving touchdowns as well as one passing touchdown.
With Jeffery no longer with the team, Meredith is expected to once again be a go-to target for either Mike Glennon or Mitchell Trubisky.
If the latest injury keeps him out for the start of the 2017 campaign, the Bears will have to rely upon the unproven Kevin White as well as Markus Wheaton and Kendall Wright.