McGee, 26, has been seeking further medical consultation on the injury, which hasn’t been able to heal properly this season, league sources said.
A final decision on his status could come in the next several days.
McGee had played five games for the Nuggets before the injury’s diagnosis in early November.
McGee would be the third Nuggets player – including forward Danilo Gallinari and Nate Robinson – to be lost for the year. Gallinari and Robinson had surgeries to repair torn ACL ligaments.