The Bulgarian international damaged crucial ligaments in Wednesday's FA Cup exit away to Crystal Palace at Selhurst Park.
The news will come as a major blow for Nigel Pearson, who is still without Patrick Kisnorbo in the centre of defence.
Tunchev has been a dominant force in the centre of defence this season and his departure from first team action is likely to spark a hunt for a replacement whilst the January transfer window remains open.
Meanwhile, Michael Morrison and Jack Hobbs are expected to rekindle their partnership in the centre of defence while Marc Edworthy is a possible option.