The 20-year-old winger is likely to play no further part in the current campaign after suffering the injury in training this week.
"Newcastle United can confirm that Rolando Aarons sustained a rupture to the anterior cruciate ligament in his right knee during a training session this week," a club statement read.
"He will undergo surgery in due course and a further statement will be made at that time".
Aarons is thought to be one of the Magpies' biggest young prospects but his career so far has been plagued by injuries.
The winger has only played four times in the Championship this season having missed the early stages of the campaign with a broken foot.