Canzeri's father, Brian, told Scout.com that the sophomore-to-be suffered the knee injury in practice Wednesday, and an MRI performed Thursday revealed the tear.
Brian Canzeri told the Web site that Jordan will undergo surgery next week and hopes to return to practice by September but likely will redshirt the 2012 season.
The (Cedar Rapids) Gazette reports Canzeri has no other structural damage in his knee but will miss the upcoming season.
The team has yet to confirm Canzeri's injury.
Canzeri's injury is the latest setback to a position group that has been in flux since former Doak Walker Award winner Shonn Greene departed following the 2008 season. Marcus Coker, who led Iowa and finished second in the Big Ten with 1,384 rushing yards last fall, left the team in January following a suspension and eventually transferred to FCS Stony Brook. Mika'il McCall, the team's No. 2 running back, also transferred.
Canzeri started in place of the suspended Coker at the Insight Bowl in December. He logged 31 carries for 114 yards as a true freshman in 2011.