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Davies sustained the injury during Canada's 2-1 Concacaf Nations League third-place play-off win over the United States on Sunday.
Bayern defender Dayot Upamecano will also be sidelined for several weeks after picking up a knee problem on international duty with France.
"Unfortunately, during international breaks there's always the risk that players will return injured - this time it's hit us particularly hard," said Bayern sporting director Max Eberl.
"Our squad is strong and will compensate for these absences. We'll now work even closer together. We have the quality to continue pursuing our big goals."
Davies has made 226 appearances for Bayern since joining from Vancouver Whitecaps as a 17-year-old in 2018.
The 24-year-old signed a new five-year contract in February to end speculation linking him with a move to Real Madrid.
Upamecano has made 147 Bayern appearances since moving from RB Leipzig for a reported 42.5m euros (£38m) in 2021.
Vincent Kompany's side are six points clear at the top of Bundesliga with eight games remaining as they chase a record-extending 34th German title.
They also take on Inter Milan in the Champions League quarter-finals, with the first leg in Munich on 8 April.
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