Faulk suffered the injury when he was tackled by cornerback Drew Coleman in the fourth quarter of Sunday's 28-14 loss to the New York Jets at the Meadowlands.
When asked his reaction to learning of the injury, the 34-year-old Faulk admitted to reporters, "I cried a whole lot."
"But that's life, you have to deal with it," he said.
Once the swelling goes down, Faulk said he would have surgery in about a month. The diminutive running back said he hoped to return for a 13th NFL season in 2011.
(Reporting by Gene Cherry in Raleigh, North Carolina; Editing by Steve Ginsburg)