Dr. Steve Shin will perform the procedure, and Paul will continue to undergo treatment and evaluation by the Clippers medical staff.
The Clippers are 26-9 with Paul in the lineup, and 3-5 when he doesn't play. He would miss 17 to 26 games if the prognosis is accurate. The weeklong All-Star break in February would reduce the number of games Paul would miss.
The nine-time NBA All-Star is averaging 17.5. points, 9.7 assists and 5.3 rebounds this season and leads the NBA with 2.25 steals per game.
Paul suffered the injury in a collision with Oklahoma City guard Russell Westbrook during Monday's game against the Thunder.
Paul's 2015-16 season ended when he suffered a broken right hand in the first round of the playoffs against Portland.
Raymond Felton started several games at point guard when Paul was sidelined earlier this season, and Wesley Johnson and Jamal Crawford also started games in Paul's absence. It is unclear how coach Doc Rivers will use his personnel while Paul is out this time.