He is expected to miss at least the opening two weeks of the regular season.
Rijo, 37, has spent his entire 14-year career with the Reds, and will be undergoing his sixth surgery. He is hoping to have the procedure done Wednesday or Thursday, and likely will be out at least four weeks following the surgery.
Noted arm specialist Dr. James Andrews is expected to perform the operation.
"I might as well take a chance again and get it out," Rijo said of the chip, which he described being on the surface of his elbow. "It's not a major deal. As good as I've been throwing, why not (have surgery)?"
After a productive career with the Reds, Rijo battled repeated arm injuries and missed the 1996-2000 seasons. He returned to Cincinnati in 2001, and has spent the last 18 months with the club.
Rijo was invited to spring training as a non-roster player this season, and had allowed three runs and five hits in five innings over two appearances.
He was 5-4 with a 5.14 ERA in 31 games in 2002, and has a career record of 116-91 with a 3.24 ERA in 376 appearances.
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