It has been revealed Latham will undergo a full reconstruction and faces an expected recovery period of six months, which leaves him little time in which to prepare for the September World Cup.
Schifcofske has been touted as a possible replacement for Latham despite the fact he has only just made the switch from league to union.
"I haven't even played Super 14, so if I go out and don't aim up in Super 14, I am not even going to be an option," Schifcofske told ABC Sport.
"I'm going to get an opportunity in Super 14 and if I play well then maybe the rest will look after itself."
Schifcofske said securing a place in the Reds' line-up comes before aiming for the national side and that he isn't even contemplating the possibility of Wallabies selection at this stage.
"Honestly not even thinking about it. I've got to prove my worth here first, there's a bit of publicity behind it I suppose that I have made the switch," he said.
"But you know that's just paper talk and media talk and I'm not even thinking about it. I have got so much on my plate here, it's a bit scary."
Latham visited knee specialist Peter Myers on Wednesday morning where he was told his knee was damaged enough to warrant a full reconstruction as he has a completely torn anterior cruciate ligament.
The extent of damage to the medial ligament is still unknown and will be assessed during Saturday's operation.
"We suspect it is a high grade tear, but if there are still some fibres attached we may leave it to repair itself, otherwise we will intervene to reattach the ligament," a spokesperson for the Reds' medical team said.