Rose underwent surgery in Chicago with a nonteam surgeon, but Knicks doctors were consulted, the club said in a statement.
Rose, 28, had played in 64 of the Knicks' 76 games this season.
Knee injuries have plagued the three-time All-Star and 2010-11 MVP in the past. Rose tore the ACL in his left knee during the 2012 playoffs and missed the entire following season. He then tore the meniscus in his right knee in his first season back from surgery, costing him the final 72 games.
Rose had missed two games with what the team described as soreness and swelling. He said last Wednesday that he initially felt the discomfort in his knee before the Knicks' win over the Pistons on Monday, in which he played 33 minutes and scored 27 points. Rose said at the time that he didn't believe the injury was anything serious or would need to be surgically repaired. He had expected to return to the court shortly.
Rose and his agent, B.J. Armstrong, have both said publicly that Rose, who becomes a free agent this coming offseason, would like to return to New York.
ESPN's Ian Begley and Chris Forsberg contributed to this report.