The 30-year-old, who is out of contract at the end of the season, was left out the Hawks' senior side mid-year before finding form over the past six weeks.
In a case of unfortunate timing, he was hurt during the opening minutes of Sunday's win over the Western Bulldogs in Launceston.
Wingard flew back to Melbourne with teammates and will undergo surgery this month once swelling settles.
He is expected to be sidelined for up to a year.
"It was sad to see him go down but we'll wrap our arms around him and show as much support as we can to him," Hawthorn teammate Karl Amon said.
Wingard is not certain to win a new deal with the Hawks, who are in a rebuilding phase under second-year coach Sam Mitchell.
Rival clubs will weigh up the value of recruiting a player who is likely to miss the majority of next season.
Wingard has played 218 games over 12 seasons with Hawthorn and Port Adelaide, and was an All-Australian in 2013 and 2015.
Meanwhile, Wingard's former Hawks teammate Jack Gunston still has a chance to return this season for the Brisbane Lions despite a knee injury sustained in Saturday's win over Adelaide.
Scans on Monday confirmed a strained MCL in Gunston's left knee, which will rule him out of the remaining two home-and-away rounds.
In a club statement, the Lions said further assessment would determine the best course of action and left the door open for Gunston's "possible return during the finals".
Fellow Lions veteran Daniel Rich will miss up to four weeks after re-injuring a hamstring while playing in the VFL over the weekend.
Rich and Gunston were left out of Brisbane's senior side in unusual circumstances in June, sent into a training block after heart-to-heart discussions with coach Chris Fagan over their form.
Gunston returned with six goals in a thumping of West Coast and kicked 11 majors in five games before injuring his knee.
Rich has not yet returned to AFL action.
Carlton forward Harry McKay and utility Jack Silvagni have overcome knee injuries to resume full training and are expected to be available to take on Gold Coast on Saturday.
McKay had surgery to repair a meniscus issue last month and was last week listed as still being three to five weeks away from returning to action.
But the key forward, who has missed the Blues' past four matches, is now poised to reclaim his position next to Charlie Curnow in attack.
Sam Docherty faces a fitness test this week after he was substituted out with a tight calf in the four-point win over Melbourne.
Sam Walsh, Adam Cerra and Mitch McGovern are all aiming to return from hamstring injuries in round 24.
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