Ikuvalu, who signed for the Sharks from the Sydney Roosters ahead of the 2022 campaign, following coach Craig Fitzgibbon in making the move from Bondi to the Shire, has only managed five games for Cronulla this season.
Playing the first game of the season, he was dropped to 18th man in Round 2, before being recalled for Round 3.
Injuries have hampered his progress, however, he wouldn't play again until Round 22 as the Sharks battled through other injury problems, including one to William Kennedy, who has returned for the finals charge.
Ikuvalu played in Round 22, 23 and 25, scoring three tries in the three games, and was likely going to be the first player to come into the NRL set up should the Sharks have suffered any injuries in their back five during the finals.
According to The Daily Telegraph, Ikuvalu suffered a patella tendon rupture while playing for the Newtown Jets in a NSW Cup preliminary final last weekend.
The wing and centre is said to have undergone surgery this week and will be racing the clock to be fit for Round 1 in the 2023 campaign, with a recovery time of around six months.
Ikuvalu's absence means Lachlan Miller is now the likely next man up for the Sharks should any of their starting back five this weekend - William Kennedy, Connor Tracey, Jesse Ramien, Siosifa Talakai or Ronaldo Mulitalo - go down with injury.
The Rabbitohs beat the Roosters to keep their season alive.