The 19-year-old forward, who is yet to play an official AFL game, was hurt during the final quarter of his team's 73-point victory. He was carried from the field by two trainers and was hobbling on crutches when the final siren sounded.
Kennedy will visit a surgeon in the coming days, but the North Melbourne doctors has little doubt he will need a knee reconstruction.
Recruited by the Kangaroos with pick 41 in the 2009 NAB AFL Draft, Kennedy had been an impressive contributor against the Giants, booting two goals and looking dangerous whenever the ball went into North's forward line.
Meanwhile, key forward Lachlan Hansen will be fit to play in round one despite injuring his shoulder during the clash with the Giants.
The club's doctors say Hansen has not suffered any major damage, which is great news for the Kangaroos as fellow big man Drew Petrie has already been ruled out of their home and away season opener against West Coast in Perth.
Ayden Kennedy is a $97,600 forward in the Toyota AFL Dream Team competition.