The 24-year-old world No 12, who's just making her comeback from a back injury, badly twisted her right ankle during her second round tie against world No 1 Victoria Azarenka on Thursday night.
Scans at hospital in Stuttgart on Friday revealed that Petkovic has torn two ligaments and damaged a third in her right ankle and may need a surgery, reports Xinhua.
"I have to start the recovery process all over again," said the quarter-finalist of last season's Australian, French and US Open.
"As a professional athlete, there are always setbacks, but an injury like this is painful."
Petkovic, however, may yet be able to play at the London Olympic Games, which take place from July 27-August 12.
The Grand Slam tournament at Roland Garros starts in Paris May 27, while Wimbledon begins June 25.
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Home/Sports/German No 1 Petkovic To Miss French Open, Wimbledon