Malins, who can also play fly-half, suffered the injury in the 14-7 Gallagher Premiership defeat at Exeter on December 29.
“Max had successful surgery on Monday and will now begin a rehabilitation programme,” a Saracens statement read.
Malins only returned to action in December having broken a metatarsal in pre-season and requiring a pin to be inserted during surgery. He has now suffered what is understood to be exactly the same injury.
Malins had impressed in Saracens colours during his comeback games last month. But his latest absence is a major blow for boss Mark McCall, with full-back options Alex Goode and Liam Williams also injured.
Goode is still recovering from a chest injury and Williams is out due to an ankle problem suffered while on World Cup duty with Wales in October.
WATCH: RugbyPass travelled to Brecon to see how life after rugby is treating Andy Powell, one of Welsh rugby’s biggest characters on and off the pitch
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