Fuente said the surgery will take place Tuesday but offered no timetable for how long Jackson will be sidelined.
Jackson, in his second season as the starter, was injured in the third quarter of the 49-35 loss to the Monarchs.
Redshirt junior Ryan Willis replaced him and was 9-of-18 passing for 131 yards and one touchdown. Willis also ran four times for 30 yards.
Jackson set Hokies freshman records last season by throwing for 2,991 yards and 20 touchdowns. He was 36-of-58 passing for 575 yards with five touchdowns and one interception this season before being injured at the end of a 19-yard run.
Jackson was carted off the field and returned to the sideline later on crutches and with his leg in a protective boot.
Willis started eight games as a freshman and two as a sophomore at Kansas before transferring.
Virginia Tech (2-1, 1-0 Atlantic Coast Conference) plays at Duke (4-0, 0-0) on Saturday.