Waiters, who hasn't played since Dec. 22, said last month he was aiming to delay surgery until the offseason after forgoing the option to have a procedure over the summer.
"Until I take care of it and do what I was supposed to do with it, even if I have a little sprain, it's going to be severe," Waiters said at the time, according to the Associated Press, via ESPN.com. "I didn't even do anything when I twisted it. I just twisted it."
Over 30 appearances this season, Waiters averaged 14.3 points and 3.8 assists while shooting 39.8 percent from the field and 30.6 percent from three after signing a four-year, $52 million contract in July.
Should Waiters proceed with the operation, as expected, it will mark the second straight season he's appeared in fewer than 50 games.
The Heat should continue to lean on Wayne Ellington—who's been one of this season's most pleasant surprises—to play big minutes on the wing. To date, Ellington is averaging 10.7 points and knocking down 41 percent of his threes.