Penguins Head Coach Dan Bylsma said the team anticipates that Malkin will be ready to go in time for the start of the playoffs.
Malkin, 27, has posted four goals and six points in his last two games.
"It was a strong couple of games and to get that news it is disappointing," Bylsma told reporters. "We'd like him to remember and watch the last couple of games in terms of how he was playing for 2-3 weeks from now."
Pittsburgh will rearrange their powerplay unit in Malkin's absence, moving defenseman Olli Maatta to the first powerplay unit , while blueliner Brooks Orpik will be moved up to the second line.
Malkin has missed 11 games this season due to lower body injuries. He joins a long list of Pens players out of the line-up due to various ailments, including Kris Letang, Pascal Dupuis, Paul Martin, and Tomas Vokoun.
Despite injury woes, the Pens have managed to maintain their first place spot in the Metropolitan Division with 97 points.