An apparatus for percutaneously replacing a diseased cardiac valve includes an expandable support member for positioning in an atrial chamber. The expandable support member includes at least one anchoring portion for anchoring in at least one opening that extends from the atrial chamber and a main body portion located adjacent the at least one anchoring portion. The main body portion has a cage-like structure and is adapted to conform to a size and shape of the atrial chamber. An expandable ring is selectively connected to the main body portion. The expandable ring is adapted to engage an annulus of the diseased cardiac valve. A prosthetic valve is attached to the expandable ring. The prosthetic valve is adapted to replace the diseased cardiac valve. A method for percutaneously replacing a diseased cardiac valve is also described.