Foles injured his throwing hand sometime in the first half of last Sunday's loss to the Washington Redskins.
"Nick will obviously not play this week," head coach Andy Reid said on Monday. "This was something that showed up on the MRI this morning, it wasn't present on the X-ray."
Over seven games this season, Foles threw for 1,699 yards, six touchdowns and five interceptions.
Michael Vick is expected to start in place of Foles in Week 17.
"There's a pretty good chance Michael will be the starter," Reid said. "That's what we're looking at right now. That's the direction I'm going as we speak right now."
Vick was replaced by Foles after suffering a concussion in a Week 10 loss to the Dallas Cowboys and has been inactive since.
Over nine games this season Vick completed 185-of-316 passes for 2,165 yards, 11 touchdowns and nine interceptions. Vick has also rushed for 307 yards and a touchdown, while losing 10 fumbles.