The estimated recovery time is approximately three months, during which Korver will undergo a regimen of treatment and rehabilitation, according to the team.
Korver injured the ankle in the third quarter of Friday's Game 2 loss to Cleveland in the Eastern Conference finals when Cavaliers guard Matthew Dellavedova rolled into him while the two players were pursuing a loose ball.
The injury was initially diagnosed as a severe high right ankle sprain following an MRI examination on Saturday. Korver sought a second opinion with a specialist in New York, where he had tests performed on Tuesday.
The surgery on Wednesday evening was performed at the Hospital for Special Surgery in New York by Dr. Martin O'Malley, a noted foot and ankle specialist who has operated on numerous pro athletes and is a current member of the Brooklyn Nets medical staff.
In 14 playoff games this spring, Korver averaged 11.1 points, 5.0 rebounds and 2.4 assists in 37.6 minutes per game with a true shooting percentage of 55.7. He was the league leader in true shooting percentage during the regular season at 69.9, a career high. He shot 49.2 percent from beyond the arc with an average of 2.9 made 3-pointers per game, trailing only Stephen Curry and Klay Thompson.
Kent Bazemore replaced Korver in the starting lineup in Games 3 and 4 of the Hawks' sweep at the hands of the Cavaliers.
In addition to Korver, Hawks guard Shelvin Mack will undergo surgery next week to repair a separated shoulder he suffered in the fourth quarter of the Hawks' loss on Tuesday night in Cleveland when he collided with Cavaliers forward Shawn Marion.