The team said plans are being finalized for Bowers to undergo surgery on Friday.
Bowers was injured on the practice field while participating in Tampa Bay's offseason program.
The former Clemson defensive end led the nation in sacks in 2010 and was considered a probable top-10 pick before undergoing surgery in January 2011. He fell to the Buccaneers in the second round of the 2011 draft.
Bowers appeared in all 16 games last season for Tampa Bay, starting six. He finished with 25 tackles and 1½ sacks.
Also, the Bucs announced undrafted college free-agent quarterback Jordan Jefferson was released.
Information from The Associated Press was used in this report.