Silva broke the leg in a gruesome incident that ended his attempt to regain the title during a bout against Chris Weidman Saturday in Las Vegas.
UFC orthopedic surgeon Dr. Steven Sanders said in a statement an intramedullary rod was inserted into Anderson's left tibia in the procedure.
"The broken fibula was stabilized and does not require a separate surgery," Sanders said. "Anderson will remain in the hospital for a short while, but no additional surgery is scheduled at this time. Recovery time for such injuries may vary between three and six months."
The 38-year-old Brazilian is considered one of the greatest UFC fighters of all time with a 33-6 mark, and holds the record for most consecutive wins at 16.
The broken leg could end his career, but UFC President Dana White told ESPN.com said a comeback wasn't out of the question.
"Maybe he'll want to make a comeback, but who knows," White said. "We'll see what happens. I don't want to count him out."