The 34-year old decided against surgery, which likely would have ended his career, instead targeting a late season return.
Wells hurt the posterior and medial ligaments in his left knee after getting tackled in the third quarter of Friday night’s win over Sydney.
The ex-Roo was dominating prior to going down, booting three goals in the first half in what was his first game of the season.
Collingwood GM of Football Geoff Walsh confirmed Wells’ injury timeline on Monday.
“Surgery was an option but this course firstly allows Daniel to make a full recovery and, secondly, keeps alive the possibility of a return to playing in 2019,” Walsh told collingwoodfc.com.au.
“The recovery has to be strong and a priority, which it will be, but Daniel has the prospect of playing again to aim for.”