Wood, walking on crutches and with his right knee in a brace, confirmed the news on Monday.
It'll be the second season-ending operation Wood's had in his three years in Buffalo; he broke two bones in his left leg during his rookie season.
"It's definitely not something I wanted to go through again, another long rehab process," Wood said. "But I'll do it. And I'll just look to come back stronger next year."
The once-promising Bills' season has begun to spiral after back-to-back losses, and injuries have mounted. Star nose tackle Kyle Williamswas lost for the season last week, and several offensive linemen are battling various injuries, as well. Left tackle Demetrius Bell (shoulder) has been out since Week 5.
Rookie linebacker Chris White will also miss the remainder of the season after tearing a ligament in his right knee against Dallas.
Coach Chan Gailey added that receiver Stevie Johnson is day to day after he hurt his left shoulder in the fourth quarter and did not return. The status of safety George Wilson (stinger) is also uncertain this week.
The Associated Press contributed to this report.