It'll be the second straight WNBA season the three-time MVP has missed after sitting out the entire 2013 season following surgery on her hamstring.
"I'm so sad that I can't play this year in Seattle," Jackson said in a statement from the team. "This injury took me by surprise and I'm just coming to grips with the severity of it."
Jackson underwent surgery Monday to repair a meniscus tear in her right knee and a chronic problem with her left Achilles tendon. Jackson said on Twitter following the surgery that the injuries were career-threatening. Jackson was playing in Harbin, China, during the WNBA offseason when the injuries occurred and will face at least a four-month recovery from the injuries.
"Lauren has had a very difficult stretch of injuries over the past three years," Seattle coach and general manager Brian Agler said. "We all want Lauren to be healthy and compete again for the Storm. Until then, we will move forward, prepare for the upcoming 2014 season and work to put the Storm in position to compete for a championship."
Jackson has spent her entire WNBA career with the Storm, helping lead the franchise to a pair of titles. She hasn't played a full season for Seattle since 2010. She played just 13 games in 2011 and nine games in 2012. Jackson said she's committed to returning to the Storm.
"I want to finish my career in Seattle and I'm going to push to be as healthy as possible to do that," Jackson said.
Basketball Australia said it expects Jackson to be available to join the national team by July for its preparations ahead of the world championship in Turkey starting Sept. 27.