“Now, much like I did leading up to the 2017 season, I plan to take the necessary time to be 100% ready to play at my highest level.
“I will be missing my fans and the tour dearly but I will look forward to seeing everyone back on tour at the start of the 2021 season.”
The 38-year-old recovered from a similar knee injury in 2016, returning to win two grand slams.
The ATP tour is currently postponed until at least the end of July amid the pandemic with organizers deciding to cancel Wimbledon this year.
The US Open is still scheduled to go ahead on August 31 with the postponed French Open expected to start on September 20.
Federer has not played competitive tennis since reaching the semifinals at this year’s Australian Open, where he began to struggle with injury.
He’s earned a total of $106.3 million over the past 12 months, making him the first tennis player to top Forbes’ world’s 100 highest-paid athletes list.