The three-year NBA veteran out of UCLA suffered the injury during last Friday's 89-87 loss to the Miami Heat.
He was examined by two doctors Monday and both recommended that the 6-foot-2, 180-pounder undergo the 30-minute procedure, performed by Dr. Clarence Shields of the Kerlan-Jobe Orthopaedic Group in Los Angeles.
"We're not happy about it obviously but this is what we go through in an NBA season," Lakers Coach Phil Jackson told the Los Angeles Daily News earlier this week. "That's why we have a roster so guys can play and back up people can help. We hope that we get guys to support us now that Jordan's gone and will be for a while."
In 25 games this season, Farmar, one of the Lakers' best defenders, is averaging 7.9 points and 2.4 assists.