Ebron caught four passes for 44 yards in a 20-17 loss to the Houston Texans last Thursday after missing multiple practices during the week.
NFL Network's Ian Rapoport reported Ebron needs surgery on both ankles.
He has 31 receptions for 375 yards and three scores in 11 games this season. He made the Pro Bowl with 66 catches for 750 yards and 13 touchdowns in his first season with the Colts in 2018.
The 10th overall pick in the 2014 NFL Draft by Detroit, Ebron has 283 career receptions for 3,195 yards and 27 touchdowns in 83 games (47 starts) with the Lions (2014-17) and Colts.
Ebron, 26, signed a two-year, $15 million contract with Indianapolis and will become a free agent after the season.
--Field Level Media