Adrian Wojnarowski of The Vertical reports he could even return during the regular season after four-to-five weeks out.
There is close to a month and a half remaining before the start of the playoffs on April 15.
Lowry played in his third straight All-Star Game last week but had missed the past two games with soreness in his wrist. His surgery Tuesday will remove loose bodies in his wrist.
The 30-year-old was averaging a career-high 22.8 points per game while shooting 41.7 percent from three-point range.
This injury could potentially be devastating for a Raptors team hoping to remain a legitimate contender in the Eastern Conference. They entered Monday with a 35-24 record, trailing the Washington Wizards, Boston Celtics and Cleveland Cavaliers.
Even with this competition, the Raptors felt confident after taking the Cavaliers to six games in the Eastern Conference Finals a year ago. They were also among the most aggressive before the trade deadline, picking up Serge Ibaka and P.J. Tucker.
Unfortunately, this latest issue takes away one of the top point guards in the NBA and puts pressure on DeMar DeRozan and the rest of the roster.
David Aldridge of Turner Sports broke down the recent change in the East:
Cory Joseph has started the past two games and will likely remain in the lineup for Toronto, while Delon Wright should also get an increase in minutes at point guard.