Chaney suffered the injury during the 11th-ranked Hawkeyes' 30-28 win over Michigan last Saturday.
Iowa coach Kirk Ferentz didn't specify which knee Chaney injured or the extent of the injury, except to say Tuesday it will be a "clean repair." Chaney was Iowa's top punt and kick returner, averaging 20.1 yards on eight kickoff returns. He has seven catches for 50 yards this season.
Iowa plays at Wisconsin on Saturday.