Schaub was hurt during the team's last game on November 13 against Tampa Bay and Texans head coach Gary Kubiak said the next day that the significant injury would force the veteran to miss several weeks.
The Texans had a bye last week and Schaub visited a foot specialist. It was determined that the injury will require surgery, which is expected to take place some time next week.
Schaub apparently got his right foot caught in a pile during a quarterback sneak in the first half of Week 10's 37-9 win over Tampa Bay. He threw for 242 yards and two scores in the victory.
In 10 games for the 7-3 Texans this season, Schaub has thrown for 2,479 yards with 15 touchdowns and six interceptions. He was on the way toward his third straight 4,000-yard season.
The AFC South leaders will now turn to Matt Leinart, starting with Sunday's game against Jacksonville. The former Heisman Trophy winner and first-round pick will make his first NFL start since 2009 when he played for Arizona.
Houston also signed former Jets quarterback Kellen Clemens, who started nine games during his five seasons in New York. He spent the 2011 preseason with Washington.
The 2006 second-round pick saw his most extensive playing time during the 2007 season, starting eight games and appearing in two others. He completed 52 percent of his passes for 1,529 yards with five touchdowns and 10 interceptions that year.