The 28-year-old underwent surgery after he injured his anterior cruciate ligament during the LV=Cup clash against Exeter Chiefs last Sunday.
Wigglesworth will miss the whole of next year's Six Nations championship where England will be hoping to defend their title.
Saracens director of rugby Mark McCall told the club's official website: "It's a big blow for Wiggy who has been playing so well for Saracens and has worked so hard in the past 18 months to get himself back in the England side.
"In my opinion he was one of England's stand out players at the World Cup and it's a shame he will miss the Six Nations.
"It's also a blow for us but we are lucky to have two very good players in Neil de Kock and Ben Spencer who have both performed so well this season and because of that, we are not looking to recruit."