The process will sideline him most of the 2006 season and is slated for July 1 in Los Angeles.
"It was in the best interest of my career to do this," Wolf said on the team's Web site. "I can come back, get healthy and have the ability to pitch next year, which is very important."
Wolf has been on the disabled list since June 13 because of elbow pain, the same ailment that put him on the DL twice in 2004. He had hoped to return in late September with rest and rehabilitation but finishes the season 6-4 with a 4.39 ERA in 13 starts.
"I don't think there is any question that it's the right move," Phillies General Manager Ed Wade said. "We want Randy back in '06 and beyond that."