Varcoe, 23, had surgery in the injured foot on Tuesday, after feeling discomfort in it at training.
Cats football manager Neil Balme said the club’s officials were not planning to rush the forward back.
"Travis had discomfort in his foot and the scans showed the stress fracture," Balme told gfc.com.au.
"He was referred and the best course of action to correct the problem is for him to have surgery.
“It is unfortunate that he will miss around 10 weeks, but we will not rush his recovery.
"It is a blow, but we expect he will only miss the start of the season proper.
“We have to be able to deal with injuries, and we expect other players will step up in Travis' absence.
“The good news is we expect him firing for the majority of the season."
Varcoe has played 100 games for the Cats after making his debut for them in 2007.
He was one of the side’s stars in their grand final thumping of Collingwood, setting Geelong alight kicking the opening two goals of the match inside the first five minutes, opposed to All-Australian defender Leon Davis.