According to NFL Network's Ian Rapoport, Ray is expected to miss three months once the procedure is complete.
Ray had three surgeries on the same wrist last season and, as a result, was limited to eight games. The 2015 first-round pick finished his third NFL season with 16 tackles and a single sack while playing 35.8 percent of Denver's total defensive snaps.
Now he's facing an uncertain future.
The Broncos declined to pick up Ray's fifth-year option last month, which means he'll be an unrestricted free agent next spring.
But in order to cash out on the open market, Ray is going to have to prove he's able to stay healthy for a full season and produce a bounce-back season opposite Von Miller.
In the meantime, first-round pick Bradley Chubb should be thrust into an even bigger role off the edge.