The team said the timetable for his recovery is unknown for now.
In only his fourth game with Miami, Oladipo immediately grabbed at his right knee after landing from a two-handed jam in the fourth quarter of a victory over the Los Angeles Lakers on April 8.
The Heat were initially cautious about saying anything definitive about the nature and severity of his injury.
Losing the two-time All-Star hurts Miami's quest to make another NBA Finals appearance, but the injury may be even more detrimental to Oladipo's next contract. The Sun Sentinel's Ira Winderman reported on April 10 that it was "increasingly unlikely that Victor will get anything near a maximum deal this summer, in terms or annual dollars or even years, from the Heat or elsewhere."
DeMarcus Cousins and Isaiah Thomas are both cautionary tales for how quickly persistent injuries can affect a star player's future earnings.
Oladipo now heads into the offseason with a big question mark surrounding the status of his right quad tendon.