Guerrero ruled out of Copa America
The 27-year-old suffered a ligament injury to his right knee in Saturday's match against Borussia Moenchengladbach and will be out of action for four to six weeks.
"Our standpoint is that Paolo can start training again at the end of June," team doctor Werner Siekmann told the club's website.
Although the Copa America will be played from July 1-24, Hamburg said in a statement that Guerrero had been ruled out of the tournament.
Peru are also due to play Japan in a friendly in Niigata on June 1.