Hedman has only played in 18 of the team's 31 games this season after previously missing 12 earlier in the season with an elbow injury.
The team confirmed that he re-aggravated the same elbow during the three games he returned for at the start of December before being placed on injured reserve.
Hedman is expected to be ready in time for the 2026 Winter Olympics when the tournament begins on February 11th. It will be Hedman's first time ever playing for Team Sweden in the Olympics.
"Hedman, he's our captain - he's a huge part of our team," said Tampa Bay coach Jon Cooper. "But if it's going to happen - which you don't want it to - but if it is, it's better it happens now than in April."
The 35-year-old has 12 assists in his 18 games this season and is hailed as one of the best defencemen in the NHL. The former 2017-2018 Norris Trophy winner helped lead Sweden to a bronze medal during the first-ever 4 Nations Face-Off last season and was a crucial part of the Lightning teams that won back-to-back Stanley Cups at the start of the new decade (2020-2021).