Sources told ESPN.com that the exact scope and severity of the injury will not be known until Bledsoe is in a surgeon's care, but he is suspected to have suffered meniscus damage in his Dec. 30 return to Los Angeles to face the Clippers.
Bledsoe's injury was originally termed a knee sprain and he was said to be out "at least a week" on Jan. 4. It appears that the knee issue turned out to be worse than the Suns thought.
The 24-year-old point guard has averaged 18 points, 5.8 assists and 4.2 rebounds for Phoenix this season, shooting 48.6 percent from the field. All of those numbers are easily career highs, as he has shone in a starting role alongside fellow point guard Goran Dragic.
With Bledsoe and Dragic leading the way, the Suns have started the season 21-13 and looked to be a lock for the playoffs. Bledsoe's extended absence might call that into question.
Phoenix has split its last four games without Bledsoe, losing to Memphis and Chicago and beating Milwaukee and Minnesota. Gerald Green, starting in Bledsoe's place, hit a game-winner on Wednesday against the Timberwolves.
The suns signed free agent guard Leandro Barbosa this week and he will take some of the pressure off Dragic. He made his debut in the win over the Wolves, finishing with three points, three assists and three rebounds in 13 minutes and shooting 1-for-6 from the field.