The IR move could partially explain the Saints’ decision to sign wide receiver Dez Bryant on Wednesday.
Meredith is expected to make a full recovery, sources said.
Meredith, 26, had been healthy for most of this season. But his knee was obviously a big enough concern this past offseason for the Chicago Bears to let him get away as a restricted free agent.
Meredith missed the entire 2017 season in Chicago after tearing his left ACL and suffering other knee ligament damage during the preseason. The Saints then signed him to a two-year, $10 million offer sheet in April, and the Bears declined to match it.
Before the injury, Meredith led the Bears with 66 receptions, 888 yards and four touchdowns in 2016. He remains under contract with the Saints through 2019.
The wide receiver was struggling after joining the Saints, however, with zero targets over the past three games.
Meredith is the second Saints wide receiver to go on injured reserve in the past month. Veteran Ted Ginn Jr. went on IR on Oct. 18 with a knee injury.
Meredith finishes the season with nine catches for 114 yards and one touchdown.
ESPN’s Mike Triplett contributed to this report.