The procedure took place Monday at the Mayo Clinic in Rochester, Minnesota.
The T-Wolves had already announced Covington was expected to miss the remainder of the season with the knee injury.
The 28-year-old had first suffered the injury, which had been diagnosed as a bone bruise, on Dec. 31 but had worked back to potentially rejoin the team. Unfortunately, he suffered a setback in March to end his season.
There was also no incentive to rush back with the Timberwolves eliminated from playoff contention.
Covington came to Minnesota as part of the November trade that sent Jimmy Butler to the Philadelphia 76ers. After averaging 11.3 points and 5.2 rebounds per game in Philadelphia, he improved his averages to 14.5 points and 5.7 rebounds in his new location.
The injury limited him to just 22 appearances with the T-Wolves, but he showed he can be a big part of the future.
Considering he is under contract for the next three years at a total of $36.4 million, the team will focus on keeping him healthy for the long term.