Reds Medical Director Dr. Timothy Kremchek will perform the surgery Tuesday in Cincinnati.
Pineda was initially diagnosed with a partial tear of his UCL last week, per Jack Curry of YES Network.
He was already transferred from the 10-day disabled list to the 60-day DL Sunday.
Pineda has been limited by injuries throughout his career, missing all of 2012-13 with shoulder issues. He has only averaged 22.3 starts in the four years since, never topping 180 innings.
The 28-year-old had a solid start to the 2017 season with a 3.56 ERA and 7-3 record in his first 14 appearances. Unfortunately, his ERA dropped to 4.39 after the last three starts, lasting only three innings in his final showing on July 5.
Although Pineda showed a lot of promise as a 22-year-old with the Seattle Mariners, earning an All-Star appearance while finishing fifth in the Rookie of the Year voting, it doesn't seem like he will ever fully return to that level.
The starter is set to be a free agent at the end of the season.