The injury occurred during Monday's individual workouts at the Mize Pavilion, and the 6-foot-1, 192-pound point guard will undergo surgery sometime in August. He'll likely miss the entire 2012-13 campaign.
Davis, a native of Charlotte, N.C., spent this past year at St. John's Northwestern Military Academy in Delafield, Wis., where he averaged 21 points and 5 assists.
Back in April, he became new coach Rick Ray's first signee.
"As a coach, you always hate to see this happen," Ray said. "But Jacoby is a tough kid, and I know he'll bounce back from this injury."