The 31-year old hurt his shoulder during a pre-season training drill at the Holden Centre on Monday that will require reconstructive surgery.
Collingwood performance and strategy manager Marcus Wagner could not set a precise time frame on when the speedster would be back on the track.
“The injury is disappointing for Trav, who has put a lot of work in to his pre-season training,” Wagner told collingwoodfc.com.au.
“While Trav will miss some early rounds of the season, we’ll have a better idea of his return date once he’s out of surgery.”
Varcoe has played 83 games for the Pies, including 17 last season, and is out of contract at the end of the year.