NoDQ.com:

There was a reason why Batista won the WWE Title at Extreme Rules despite being injured. Vince McMahon wanted the cage match with Randy Orton to have a clean finish, and since Batista was chasing the title and getting revenge for Ric Flair, it didn't make sense for him to lose.
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According to interviews Batista did last month in the UK, he has roughly a year left on his contract and is thinking about retiring when the deal expires. With Batista's latest injury, it's worth noting that WWE can add on any time that he spends away from the ring to his contract to make up for lost time. WWE contracts give the company the right to tack on the amount of time a wrestler misses due to injury to the end of their deals. Batista is expected to miss four months due to the bicep surgery he's having today, so WWE can legally add four months to his contract.

So if Batista is out for the full four months, and WWE opts to tack that time on to his contract, this would place his deal expiration around time for Summerslam 2010.
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WWE has confirmed that Batista will be undergoing surgery on his left bicep later today.

WWE.com notes that Batista is expected to be out of action for up to four months, which would mean he’d be getting back in the ring around October.
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WWE.com still lists Batista as the WWE Champion.

The wrestlers were told last night that Batista's partially torn bicep is legit, although there was some skepticism. We do know that the injury has been bothering him for around three weeks now but there are people within the company who say there is more to the story than just an injury.