The England international successfully underwent surgery for the injury, Chelsea added.
Typically, it takes about six to nine months for a player to recover from an ACL injury and return to play.
"The 22-year-old had reported back to Cobham for pre-season at the start of this week, before unfortunately sustaining the injury in training," Chelsea stated in an announcement.
"Medical evaluations confirmed that surgery was the necessary course of action.
"Levi will now commence his recovery and will be supported by the club's medical team at Cobham during his rehabilitation process."
Colwill made 43 appearances in all competitions for Chelsea last season and played a key role in helping the West London team win the Club World Cup in July.
Chelsea, who finished fourth last season, will kick off their 2025-26 Premier League campaign against Crystal Palace at Stamford Bridge on August 17.