D'Onta Foreman and rookie Raheem Blackshear will handle rushing duties when the Panthers (2-5) take on the NFC South-leading Falcons (3-4).
Hubbard, 23, sustained the injury in Sunday's 21-3 win against the Tampa Bay Buccaneers. It was his first start of the season after Carolina traded Christian McCaffrey to the San Francisco 49ers. Hubbard carried nine times for 63 yards and a touchdown and caught two passes for 10 yards against the Bucs.
He has rushed for 709 yards and six TDs in 24 games (11 starts) since the Panthers drafted him in the fourth round in 2021.