Rose was taken to a Chicago hospital where it was determined after an evaluation and testing by Bulls team physicians that surgery was necessary.
The Bulls said the procedure will take place Wednesday (local time).
It is the latest in a string of setbacks for Rose who has missed 212 of 312 regular season games over the past four years since being voted the NBA's Most Valuable Player in 2011.
Throughout that time a torn ACL, a torn meniscus and a series of other minor injuries have hampered his ability to stay on the court and recapture his brilliance on a consistent basis.
Meanwhile the Cleveland Cavaliers will be without guard Iman Shumpert for 12 to 14 weeks after he sustained a wrist injury.
The Cavaliers announced that an MRI on Monday found a ruptured extensor carpi ulnaris sheath in Shumpert's right wrist.
Surgery is scheduled for Wednesday.
