According to The Sun, the One-day skipper is likely to undergo surgery and an absence of three to six months, and he fears he could never regain his England place.
Collingwood, 32 later this month, said: "Surgery is the last resort because you miss so much cricket and you never know how the injury is going to respond. The fact is I don't want to give up my place at any time.
Collingwood would lose effectiveness if he could not bowl or field at backward point. He faces the added threat of Andrew Flintoff's return to fitness.