The team disclosed Faulk's diagnosis Wednesday and said the second-year defenceman will not need surgery.
He was hurt midway through the second period of Tuesday night's 4-1 loss to the Florida Panthers. He suffered a second-degree sprain of the medial collateral ligament in his right knee when he collided with Jack Skille behind the net.
Faulk has three goals, seven assists and 11 penalty minutes for the Hurricanes.
Three Carolina defencemen were injured during the first two periods of the loss to Florida, but Faulk was the only one who didn't return.