Schefter tweeted Monday that the running back would likely miss three-to-six weeks, meaning it's not a season-ender.
"This appears to be where Aaron Jones got hurt", wrote Rob Demovsky of ESPN.
The rookie fifth-round pick is the Packers' leading rusher on the season with 370 yards on 70 carries (5.3-yard average) and has had two 100-yard games since he was inserted into the lineup in Week 4 after Ty Montgomery suffered broken ribs.
After two games over 120 yards and three touchdowns, Jones will lob the starting roles back in the hands of Montgomery and Williams.
Jones, who rushed for 125-plus yards twice in October, was carted off the field in the first half of Sunday's 23-16 win over the Bears after gaining 12 yards on three carries. They would rather split carries, but they will still have a running game while Jones is out.