The school will seek a medical hardship wavier for the junior, who would give him two more years of eligibility if the NCAA grants the request.
"Frankie Sullivan means so much to our team, on and off the court," Auburn head coach Tony Barbee said. "He is a team leader. Frankie's health is our number one concern with him."
Sullivan, a 6-foot-1 guard, missed the first eight games after surgery this summer but returned for a six-game stretch in December. He averaged 8.2 points and 3.0 assists in 24.7 minutes. Auburn went 4-0 in games he started.
But Sullivan hasn't played since league play began this month. The Tigers (7-10) are 0-3 in the SEC.
Sullivan was Auburn's only returning starter from last season. He averaged 12.7 points, 3.7 rebounds and 2.0 assists last season.
Follow the blog on Twitter and Facebook.