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Neymar was in tears as he left the field after suffering the injury in Brazil's 2-0 loss against Uruguay on Tuesday.
Saudi Arabian side Al Hilal did not say how long the the 31-year-old is expected to be out for.
Al-Hilal posted on X, formerly known as Twitter: "He will be going through surgery and then a treatment programme that will be determined later. Return stronger Neymar."
Neymar suffered the injury when tussling for the ball with Uruguay's Nicolas de la Cruz in the 44th minute of the 2-0 defeat.
He left the pitch in tears on a stretcher after receiving treatment for several minutes and now looks set to be sidelined for several months.
It can take six months to a year to recover from ACL injuries and that would likely rule him out for the rest of the season and places doubt over his participation in next year's Copa America, which starts in June.
Neymar is Brazil's all-time top male scorer after he surpassed Pele's record last month with his 78th goal for his country in a World Cup qualifying match against Bolivia. He added his 79th in the same game, which ended in a 5-1 win.
The ex-Barcelona forward left Paris Saint-Germain this summer to join Al Hilal on a two-year deal worth £129.4m a year, but has only scored once in five games for the Saudi side following his £86.3m move.
The injury is the latest setback for Neymar after he was absent for several months of his last two seasons at PSG due to ankle issues, while he also missed two World Cup games last year after spraining his ankle in Brazil's opening win over Serbia.