General manager Steve Tambellini says Hall will need five to six months of recovery time, and the team hopes he will be ready for the start of next season.
Hall hasn't played since he suffered a concussion during a 3-1 win over the Calgary Flames on March 17. The No. 1 overall pick in the 2010 NHL draft has 27 goals and 26 assists in 61 games with Edmonton this season.
The Oilers (31-36-9) are 14th in the Western Conference and are set to miss the playoffs for the sixth straight season.
Edmonton announced Hall's surgery on its Twitter feed on Tuesday.