The injury occurred last week while Knight was playing in South Florida. Following an examination by head team physician Dr. Tom Carter, it was determined that surgery was necessary,
A timetable for his return will be determined at a later date.
Knight has played for three teams in his six-year NBA career. In 2016-17, while playing for the Suns, Knight averaged a career-low 11.0 points and 2.4 assists in 54 games, including five as a starter.
His career scoring average is 15.2 points.
Knight signed a five-year, $70 million contract with the Suns in 2015. He is scheduled to make over $13 million next season.
Knight's injury may provide a larger role for Tyler Ulis and perhaps second-round pick Davon Reed.