Lakers coach Byron Scott told reporters after practice at their facility Tuesday that Price would miss the remainder of the season after undergoing the procedure. The Lakers regular season ends April 15.
The surgery was performed by Dr. Neal ElAttrache of the Kerlan-Jobe Orthopaedic Clinic.
Price played in 43 games for the Lakers this season, starting 20 of them before moving back to the bench so Scott could give more minutes to rookie Jordan Clarkson.
Price averaged 5.1 points, 1.6 rebounds, 3.8 assists and 1.6 steals in 22.8 minutes per game and was considered to be the Lakers' top perimeter defender. He signed with the Lakers as a free agent in September.