Saints have confirmed that Foden is likely to be sidelined for ten to 12 weeks, ensuring he will miss all four of England's matches which begin on November 10 against Fiji before games against Australia, South Africa and New Zealand.
But it does potentially mean that Foden, 27, will return to fitness before the New Year, ensuring he will be available for the Six Nations.
Lancaster said: "It is unfortunate for Ben who has had a good run in the side and is a valuable leader. But we have a number of back three players who are playing well and this offers a chance for them.
"Our medics will work closely with Northampton Saints to help Ben's recovery and I am sure he will be available for the RBS 6 Nations."
Saints director of rugby Jim Mallinder also expressed his confidence that Foden will make a full recovery.
"Ben had been playing well at the start of this season and to lose him to injury is obviously disappointing," he said.
"But we know that he is a dedicated professional and will work his hardest with our Performance team to come back as a better and fitter player."