UPDATE: The Star-Tribune reports that Rubio will miss the rest of the season with a torn ACL and is also likely to sit out the Summer Olympics.

by Ryne Nelson / @slaman10

Wolves PG Ricky Rubio has been—by most accounts—phenomenal during his rookie season. But the 21-year-old point guard may not be on the court again until the ’12-13 season.

Rubio crumpled to the floor on this possession with just 16.4 seconds remaining in the Wolves’ loss to the Lakers. Ricky was helped into the locker room and didn’t speak to reporters after the game. Official news on the severity of the injury should come after Ricky’s medical evaluations today.

Initial reports aren’t good. We hear that the Wolves fear that Rubio might have a torn ACL, according to Yahoo!’s Adrian Wojnarowski.

Minnesota Timberwolves rookie point guard Ricky Rubio will have an MRI on his left knee Saturday morning amid fears he tore his anterior cruciate ligament, a league source told Yahoo! Sports.

“Possible ACL,” the source briefed on Rubio’s condition said. “We’ll know more after the MRI. … There’s a lot of worry right now.”

The Wolves have counted on Rubio a lot this season. The rookie was playing 34 minutes per game and dishing 8.2 assists per (fifth in the L). He’s started 31 games for a young team that’s only a half-game out of the Playoffs.

Out for the season or not, Ricky Rubio has proved he’s capable of ruling el mundo.