Wentz suffered the injury in Sunday's victory over the Los Angeles Rams and underwent an MRI on Monday morning.
Pederson also confirmed that Nick Foles, who replaced Wentz on Sunday, will be the first-place Eagles' starting quarterback.
Wentz came up limping after absorbing multiple hits on a touchdown run that was negated by a holding penalty in the third quarter. He stayed in the game for the remainder of the drive, which he capped with a fourth-down touchdown pass to Alshon Jeffery that gave the Eagles the lead.
The Eagles (11-2), who clinched the NFC East title with Sunday's victory in Los Angeles, have overcome several key injuries and now have to move forward without their most indispensable player.
Pederson noted his team's resiliency this season and said that the Eagles signed Foles this past offseason "for situations like this."
Wentz threw four touchdowns passes Sunday, passing Sonny Jurgensen for the most touchdowns in a single season (33) in franchise history, a record that had stood since 1961.
The Associated Press contributed to this report.