Moye broke the fifth metatarsal bone in the foot on Tuesday when he slipped on stairs in his apartment, team officials said.
The injury will not require surgery, but Moye will miss this week's home game against Purdue and the Oct. 22 game at Northwestern. The Nittany Lions hope he will return for their Oct. 29 home game versus Illinois.
Moye, a senior, leads Penn State with 28 receptions for 485 yards and three touchdowns. He ranks in the top five in Penn State history in career catches (132), receiving yards (2,226) and receiving touchdowns (18).
The team also announced that tailback Brandon Beachum and defensive backs D'Anton Lynn and Stephon Morris should be available for the Purdue game. Lynn was carted off the field and briefly hospitalized while suffering head and neck injuries in the Eastern Michigan game.
Brian Bennett covers Big Ten football for ESPN.com.