The Yankees made the announcement after Tuesday night's 6-2 loss to the Tampa Bay Rays.
New York manager Joe Girardi said there is no timetable for when Wang will return next season and that the team will know more about a potential timeframe after the procedure.
Wang was examined Tuesday by noted orthopedist Dr. James Andrews. The right-hander went on the 15-day disabled list July 5 with a strained right shoulder.
"It's a tough loss for us," Girardi said. "I feel for him. He's been through a lot the last 14, 15 months. Hopefully this is will be the end of the surgeries for him and he'll have the rest of his career be real healthy. We'll be there for him and we'll help him get through this. We'll get him back pitching as soon as we can."
After winning 19 games in 2006 and 2007, Wang missed the final 3½ months last season after injuring his right foot while running the bases in Houston. He's just 1-6 with a 9.64 ERA in 12 games this season, after missing time from April 19 to May 21 with a hip injury.
"All you can do is get it fixed, rehab it and move on," Yankees pitching coach Dave Eiland said.