The Republic of Ireland striker, 35, was injured in the second half of Saturday's goalless draw with Bolton.
The on-loan Burnley forward will not require surgery for the partial rupture of his Achilles but will return to the Clarets for rehabilitation.
He said: "While I'm really disappointed, there are a lot of people worse off than me."
"I'll work hard and get back to fitness as soon as I can. I've enjoyed being back here and I want to wish the club all the best for the rest of the season."
Fortunately for Walters, he will be unable to face the humiliation of playing more games for Ipswich.
Walters' side have failed to beat Norwich City for almost ten years in the East Anglian derby, a miserable record.
They are currently rooted firmly in the relegation zone of the Championship, where they are expected to remain. They are also without a win this season after nine matches.