"The medical staff have told me that the recovery can be anywhere from six to 10 weeks for this type of injury, but I should be into some kind of light running activity in four weeks," said Freier, who will definitely miss Saturday's clash with Ireland in Perth.
"It's a bit of a long shot but you've got to stay positive and I'm going to target the final games of the Tri-Nations series."
The injury is another setback for Freier, who travelled with the Wallabies on their tour of Europe last year but was ruled out with a groin injury before taking the field.
Freier will need to wear a protective boot for the first two weeks of his recovery, but will return to light exercise soon after it comes off.
"I've started some upper-body weights and hope to get on the exercise bike in a couple of weeks," he said.
"At the moment I've just got to rest it and keep icing it up. I'm obviously extremely disappointed but when you get an injury like this, it's a good opportunity to move forward in other areas."
Freier will use the time out to improve on some of his weaknesses, and will continue to work towards making a quick return to the Wallabies squad.
"(Wallabies forwards coach) Michael Foley has given me a good programme for my line-out throwing and (coach) John (Connolly) has indicated that I'll be able to join the squad at various times during my recovery," he said.
Australia will also be missing promising young prop Rodney Blake against the Irish after he was ruled out with an ankle sprain.
Blake, who made his international debut in the first Test against England, was taken from the field midway through the first half on Saturday and is fighting to be fit for the opening Tri-Nations match against the All Blacks on July 8.