The 31-year-old has had a frustrating time with injuries since since suffering cruciate ligament damage while playing for Bulgaria in October 2008.
He has scored five time in 20 appearances for City this term but exacerbated the knee problem against Stoke in February.
Petrov told Trud Daily: "My season is over. I wanted to play in several matches at the end of the championship but the doctors said I should take a rest for three more weeks."
He added: "I am disappointed and at times even desperate. Deep inside I do not give up and hope to overcome this nightmare."
Petrov's future at Eastlands is also unclear as his current deal expires in the summer.
Source: PA
Source: PA