Waiters is likely to have the surgery sometime within the next two weeks.
Before arriving at his decision, he consulted with specialists to weigh the possibility of season-ending surgery or a procedure that could've allowed him to return before the playoffs.
Waiters sprained the ankle on Dec. 23, causing him to miss the past eight games. His recovery is expected to take four to six months, a league source said.
The Heat have won six straight games and moved into fourth place in the Eastern Conference standings with a 24-17 record.
Waiters, 26, first suffered the left ankle injury last season, causing him to miss the final 13 games of the season. He considered surgery last summer but instead elected to do arduous rehab and treatment, in part because he was a free agent.
Ultimately, Waiters signed a four-year, $52 million deal with the Heat in July after Miami was unable to land Gordon Hayward in free agency.
Waiters' production has dipped this season as he has played through pain in the ankle that he said was "excruciating" at times.
His 3-point accuracy has dropped 10 percent and his scoring is modestly down to 14.3 points per game.