The former South Bend Washington and Notre Dame Basketball player suffered the injury Sunday with 44 seconds left in Tulsa's four-point win over Seattle. She finished the game with a season-high 31 points.
Because of this, the Shock announced that the 2014 Most Improved Player will undergo reconstructive surgery, though no date has been set for the procedure.
"I'm focused on getting healthy and stepping on the court even stronger," the 24-year-old Diggins said in a released statement. "For the remainder of this season, I will continue to support my teammates in every possible way."
On the other hand, Shock will return to the house on July 11 to face Los Angeles at the BOK Center.
Now that Diggins and Odyssey Sims are out, Riquna Williams will fill the void for the Shock to survive a tough stretch with a weakened roster, Tulsa coach Fred Williams said.
However, the injured Diggins and Sims were the league's best guard tandem when they were still healthy.
Skylar was averaging 17.8 points and 5.0 assists per game, both among the five best rates in the WNBA.
The Shock were 8-1 in games Diggins played in this season.