The 28-year-old had returned to training after he suffered the cruciate injury in a Europa League qualifier last year.
"It is likely that Taylor will miss the majority, if not all, of next season," the club said on their website.
"Ryan has worked so hard and diligently since his injury. Ryan will continue to receive the full support of everyone at Newcastle United during this difficult time for him," added manager Alan Pardew.
Newcastle, who sit five points above the Premier League drop zone with five fixtures remaining, were dealt a blow to their survival chances when goalkeeper Tim Krul dislocated his shoulder against Sunderland on Sunday.
Krul will undergo surgery on Monday and is expected back at the end of July.
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