The procedure will take place Wednesday. The Jazz did not offer a timetable for his return.
The veteran forward had been mulling whether to have surgery on the MCL, which he hurt in Friday night's 99-88 loss to the Charlotte Hornets. He left the game in the second half and didn't return.
The 33-year-old Sefolosha, who is in the first year of a two-year, $10.5 million deal with the Jazz, is averaging 8.2 points and 4.2 rebounds per game.