Karacan will play no further part for the Royals this season after breaking his left ankle in Friday's brutal 2-0 win over Neil Warnock's 10-man Leeds United.
The 23-year-old midfielder came off worse in a challenge with Michael Brown, having earlier survived an x-rated tackle by Danny Pugh.
Leeds employed strongarm tactics from the start and saw Zac Thompson red carded just 11 minutes in for scything down Reading skipper Jobi McAnuff.
Karacan was due to see a specialist today, and he admitted: "Obviously I'm gutted my season is over but the main thing was the win, I was buzzing for that really.
"Now the main thing is for the boys to keep doing it and for us to get over the finishing line."
Karacan has been bombarded with messages of support from fans and the Turkey Under 21 international hopes to make a full recovery in time for pre-season.
"The supporters have been brilliant with me," he explained. "I want to say a big thanks to them for cheering me on every minute this season. Now I'll get ready for next year which hopefully will be another big season for me.
"When I left the ground on crutches they were all asking how I was and obviously on Twitter I've been bombarded with get well soon messages which is great.
"The only positive for me is that it's come at the end of the season, I can get it fixed, do my rehab over the summer and come back bigger, better and stronger, hopefully in the Premier League of course.
"I'm disappointed I won't be playing my part but I'll still be at every game cheering the boys on."
Karacan is likely to have an operation on his ankle and Royals boss Brian McDermott admitted that some of the tackles he witnessed on Friday made him wince.
"Jem isn't great and there were some tackles that don't belong in the game," he said. "It was difficult watching all of those tackles and there were one or two that were questionable to say the least.
"The first one, the referee made the decision to send the young guy off and the second one, Pugh made a tackle on Jem that was a certain red card.
"He should have been sent off, but that's how it is and from my point of view, you have to win games whatever way it takes and whatever is required. We've done that.
"I'm not disappointed with the way Leeds played at all. Leeds are a massive club, a big club and they have got a manager that has won numerous promotions and who has managed in the Premiership.
"But I'm the manager of Reading and my view on Leeds isn't relevant."
The victory against Leeds briefly sent Royals top of the Championship table for the first time in six years, though they were leapfrogged by Southampton the following day and now trail the Saints on goal difference.
McDermott's men were are due to travel to Brighton & Hove Albion tomorrow night (7.45pm ko) before a potential title decider at Southampton's St Mary's this Friday (7.45pm ko, live Sky Sports).
Karacan's place in the team is likely to be taken by Hayden Mullins.