He scored eight points on 3-of-10 shooting in 17 minutes during the second game of the preseason before suffering the injury.
The news comes as yet another setback for LaVine, who tore his ACL in February 2017 before the Minnesota Timberwolves traded him to the Bulls as part of a package that netted them Jimmy Butler.
LaVine's Windy City debut was ultimately delayed until Jan. 13 as the Bulls took a cautious approach in the midst of a rebuild.
Despite the truncated trial run in Chicago, the Bulls moved quickly to match the Sacramento Kings' four-year, $78 million offer sheet for the bouncy swingman over the summer.
After settling into life in Chicago, LaVine averaged 16.7 points and 3.9 rebounds per game in 24 appearances.
With the 23-year-old nursing a new injury, it will be on Justin Holiday to shoulder the perimeter scoring burden at shooting guard alongside small forward Jabari Parker.