Faulk had pondered retirement this off-season after surgeries on both knees.
Rams head coach Scott Linehan said Friday that the latest surgery will take place next week and acknowledged that the 12-year veteran could call it quits. He will require a rehabilitation period of 8-12 months.
Faulk, 33, a first-round pick by Indianapolis in the 1994 NFL Draft, is ninth on the league's all-time rushing list with 12,279 yards, sixth in all-purpose yards with 19,190, and was the NFL's MVP in 2000.
He was voted to the Pro Bowl seven times, and is the only player in NFL history with more than 2,000 combined rushing and receiving yards in four straight seasons (1998-2001). He has 136 career touchdowns, fourth all-time.