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The injury is the same as the one suffered by Magic co-star Paolo Banchero earlier this season.
Wagner was off to a career-best start with averages of 24.4 points, 5.6 rebounds and 5.7 assists over 25 games.
With Banchero sidelined, Wagner is a key reason why the Magic (16-9) are currently third in the Eastern Conference standings and advancing to the Knockout Rounds of the Emirates NBA Cup with a 3-1 record in Group Play action.
Orlando will face Milwaukee in the quarterfinals on Tuesday (7 ET, TNT).