Wentz suffered the injury in Sunday's victory over the Los Angeles Rams and underwent an MRI on Monday morning.
Pederson also confirmed that Nick Foles, who replaced Wentz on Sunday, will be the first-place Eagles' starting quarterback.
Wentz came up limping after absorbing multiple hits on a touchdown run that was negated by a holding penalty in the third quarter. He stayed in the game for the remainder of the drive, which he capped with a fourth-down touchdown pass to Alshon Jeffery that gave the Eagles the lead.
The Eagles (11-2), who clinched the NFC East title with Sunday's victory in Los Angeles, have overcome several key injuries and now have to move forward without their most indispensable player.
Pederson noted his team's resiliency this season and stressed that the Eagles fans should not "lose faith." He also said that the Eagles signed Foles this past offseason "for situations like this."
"If there's ever an opportunity for me to rally the troops as the football coach, now might be the time," Pederson said. "You can't lose faith. This has been a resilient football team all season long."
Foles helped the Eagles rally from a fourth-quarter deficit Sunday, but Philadelphia will be hard-pressed to win the first Super Bowl in franchise history without Wentz, who has passed for 3,296 yards and leads the NFL with 33 touchdown passes despite being in just his second year in the league.
Wentz's injury had a major impact Monday in Las Vegas, as the Westgate SuperBook lengthened the Eagles' odds to win the Super Bowl from 6-1 to 12-1.
Wentz, 24, threw four touchdowns passes Sunday, passing Sonny Jurgensen for the most touchdowns in a single season in franchise history, a record that had stood since 1961.
Second-year pro Nate Sudfeld is Philadelphia's No. 3 quarterback. Pederson said he hasn't spoken to personnel boss Howie Roseman about adding a third quarterback yet.
ESPN's Tim McManus and David Purdum and The Associated Press contributed to this report.