The 31-year-old club captain has been beset by severe knee problems in recent years and although he is rarely able to train properly, he has managed 23 appearances for Spurs this season.
His problem was worsened after a training ground collision with a youth team goalkeeper recently and Spurs manager Harry Redknapp confirmed that the King had been in pain since the incident.
Redknapp told The Times: "For the sake of the club and the team, he has tried to play on, but he has been playing in pain and his movement's not been as good.
"Hopefully, we'll get his knee cleared out in the summer and he will be right again. I'm sure the chairman (Daniel Levy) respects everything he has done for the club and we'd love to keep him around."
King is regarded in some quarters as one of the best English central defenders of his generation, along with John Terry and Rio Ferdinand, but injuries have restricted him to just 21 appearances for his country.