Anderson suffered the injury in the first half of Virginia's 52-47 win over No. 9 Louisville on Saturday night. After halftime, he returned to the bench and sat next to the team trainer, his hand wrapped in bandages. He did not return to the game.
After the game, Virginia coach Tony Bennett was unsure exactly how Anderson suffered the injury but said he was "concerned" when he learned his star guard couldn't return to the game.
"I'm sure something will have to be done," Bennett said.
Hours later, the school announced that Anderson will undergo surgery Sunday.
After stints as a reserve in his first two seasons at Virginia, Anderson emerged as an All-American candidate in the Cavaliers' 19-0 start to the 2014-15 season.
He averaged 13.2 points per game, second best on the team, with 4.3 rebounds and 2.1 assists. A 29 percent 3-point shooter a season ago, Anderson's 48 percent 3-point shooting has been one of the key factors in Virginia's 2014-15 success.
With eight games to play, the Cavaliers (21-1, 9-1 ACC) almost certainly will be without Anderson for the remainder of the regular season. He could remain out through the beginning of the NCAA tournament, depending on the time frame of his recovery.