Pennington, a former Dolphins and Jets quarterback, tore an interior cruciate ligament while playing pickup basketball and will have surgery next week.
His agent, Tom Condon, said Thursday that famed surgeon Dr. James Andrews will perform the surgery on April 7.
Pennington is currently a free agent and it doesn't look like he'll be signing with anyone anytime soon.
The 34-year old quarterback has been selected twice as the NFL's Comeback Player of the Year Award.
Pennington lasted just two plays last season. He made his 2010 season debut against the Titans in Week 9, but hurt his shoulder after two snaps. The diagnosis was a dislocated shoulder and torn capsule. He had to undergo surgery once again, the fourth time in his NFL career.
A shoulder injury also sidelined Pennington in Week 3 of 2009. He would miss the entire rest of the season.
Pennington has had a solid NFL career, however. The quarterback has the highest completion percentage in NFL history with at least 1,500 pass attempts (66%).
Drafted by the New York Jets in 2000, Pennington took his talents to Miami in 2008.
His lone full season with the Dolphins in 2008, Pennington led the Dolphins to the playoffs for the first postseason appearance since 2001.
The quarterback led the Jets to the postseason in 2002, 2004, and 2006.
Perhaps Pennington's most notable game was a 41-0 defeat of Peyton Manning and the Colts in January 2003.
For his career, Pennington has passed for 17,823 yards, along with 102 touchdowns and 64 interceptions.
