The midfielder dislocated his knee, tore the cruciate as well as the medial collateral ligaments and a meniscus as he mis-kicked under pressure from Hamburg's Rafael van der Vaart.
Players and club officials were left shocked by the injury with Mainz now planning a new deal for Soto to accommodate his rehabilitation period. The 34-year-old has played for the small club since 2007.
"Initially he wanted to return at the end of the season to his home country," Mainz said of Soto, whose contract runs out at the end of the season, in a statement.
"But from Mainz this deserving professional can expect full backing. Before the prospect for a new contract can become reality it is all about Soto's recovery."
The former Colombia international will spend some time in hospital following surgery for his injuries.
"As soon as his operation is done, he could sign a new contract with us, immediately," sports director Christian Heidel said.
(Reporting by Karolos Grohmann, editing by Pritha Sarkar)
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