Myers suffered a broken leg during the Sabres' loss last night to Montreal.
Myers had three goals and eight points this season.
Friday's announcement by general manager Darcy Regier marks a disappointing end to what's been a forgettable season for the high-priced defenseman. Myers has struggled with consistency at both ends of the ice while in the first season of a seven-year, $38.5 million contract he signed before the start of the 2011-12 season.
The injury also is the latest setback for a Sabres team that's in jeopardy of missing the playoffs for a second straight season, and is already rebuilding for the future.
Regier did not say how Myers suffered the injury.