Lyle averaged 11.3 points in two seasons for the Buckeyes, starting 54 of the 66 games in which he appeared. The 6-foot-5 guard had been set to play a key role for the Lobos, who are expected to be one of the better teams in the Mountain West Conference.
"JaQuan has meant so much to our program in the short time he has been here. Unfortunately this injury postpones his return to playing the game he loves," coach Paul Weir said in a statement. "But his spirits have already turned incredibly positive and we look forward to supporting him in every way possible."
Added Lyle: "I am going into this process trying to get 1 percent better every day, both physically and mentally, to be ready to compete next season. I am so thankful to everyone for their thoughts and considerations."
New Mexico started 4-8 last season but finished 19-15 and advanced to the Mountain West tournament championship game, where it lost to San Diego State.