The 26-year-old tore his meniscus during Uruguay's World Cup qualifier against Peru at the weekend.
A statement from the club read: "Martin Caceres underwent an MRI scan which confirmed a torn external meniscus on his right knee. Caceres will undergo arthroscopic surgery in the Fornaca Clinic."
Caceres, who made 22 appearances for the Turin giants last season, is set to be out of action for five weeks.
Juve are hoping to Mirko Vucinic will regain fitness in time for Saturday's top Serie A game at Inter Milan with the Montenegro striker struggling with a muscular injury.