LeVert appeared to suffer the injury on the final Northwestern possession in Saturday’s win at Crisler Center, slowly standing up and walking over to shake hands after the game.
"Caris has been working so hard this season and for this to happen is very unfortunate," Michigan coach John Beilein said in a statement. "If we know anything about Caris, he will do everything it takes to not only get better, but to help his teammates during this time.
“He is a tremendous young man who I will really miss coaching the remainder of the season. However, I am optimistic he will have a complete recovery."
LeVert was living up to his preseason All-Big Ten selection actually leading Michigan in nearly every key statistical category: Points (14.9), rebounds (4.9), assists (3.7), steals (1.7) and minutes (35.8).
The injury is to the same foot LeVert had surgery on last May.
"While this is obviously not what I wanted, I know this team will come together and be stronger because of it," said LeVert. "Now more than ever, it is important for all of us to support this team.
“For me, I am familiar with the recovery process and what work lies ahead for me. I am very confident that I will return 100 percent and have already begun work to ensure that happens."
LeVert is scheduled to have surgery this week with a 12-week rehabilitation and recovery process to follow.