The 22-year-old has been unable to shake off the troublesome injury this year and has made just one appearance for the Shrews since January as a result.
Grandison's return date is not yet known, but manager Graham Turner has confirmed fellow defender Darren Jones is expected to recover from his shoulder injury ahead of the start of next season.
Turner told the club's official website: "Jermaine's going to see a specialist again towards the end of the week so we'll see what the prognosis is.
"The specialist is going to have a look at it and we'll see what he advises, whether surgery is necessary."
He added: "Darren has had his surgery and will now start his rehabilitation. We expect it [his recovery time] to be three months."