The 22-year-old damaged ligaments in his left foot in Wasp's 19-12 domestic win over London Irish at the Madejski Stadium and now faces a lengthy spell on the sidelines. Wade requires surgery to correct the problem and is expected to be out of action for six months.
"It is devastating news for both the player and the club," said Wasps director of rugby Dai Young, whose team currently top Pool 4 ahead of a crucial trip to France this weekend.
"Christian was hugely unlucky to miss out on being capped again this autumn with England and he had hoped to push on and put in some good performances for Wasps to get him in contention for Six Nations selection. It is a huge blow for him, but he is a young player with a huge future and his time will come around again."
Widely regarded as one of his country's greatest talents, Wade picked up the Player of the Year and Young Player of the Year in the Aviva Premiership last season and was in fine form before injury struck. Having starred for his country in Argentina in the summer and earned a call up to the British & Irish Lions squad in Australia, he was due to start England's heavy win over the Pumas at Twickenham but he strained a hamstring in training and missed that match and the narrow defeat to the All Blacks as a result.
The weekend win at Irish was his first game back since that setback and all seemed to be going to plan until five minutes before the end in Reading. Wade hadn't added to his tally of five tries in 10 games in 2013/14 but he had been a constant threat before going over on his ankle.
"We wish Christian all the best and are looking forward to seeing him back for Wasps and challenging for an England place," said England boss Stuart Lancaster. "We saw what he is capable of in the first Test against Argentina last summer and he has a bright future ahead of him."
Losing Wade leaves Wasps with a huge hole to fill given that he finished as joint top try scorer in the league seven months ago and crossed five times in as many games in the 2012/13 Amlin Challenge Cup.
But the blow will at least be lessened somewhat by the imminent return of Wade's fellow wing Tom Varndell, the man with whom he shared the top scorer honour last term. Varndell hasn't featured since the first week of the season but has now returned to full training and should be fit to feature in the home tie with Grenoble on Sunday, December 15.