Coach Jason Kidd announced Vasquez's prognosis after the surgery Tuesday.
Vasquez had surgery in New York to remove a bone spur and loose bodies from the ankle. Kidd says Vasquez's recovery will last 3-4 months, but the coach hasn't ruled out Vasquez's return during the regular season.
Vasquez is averaging 7.1 points, 4.4 assists and 2.3 rebounds in 16 games this season. He hasn't played since Nov. 27, and Kidd credited him for attempting to play through injury.
"He's going to compete, hurt or healthy," Kidd said. "He tried and did everything he could, but it just didn't work out, so the next step was to have surgery. The next step for him is to have a speedy recovery, get ready for free agency and then go from there. We're not going to rule him out for the season, but we'll see."
Vasquez, a 6-foot-6 Venezuelan, is making $6.6 million this season, and he will be an unrestricted free agent in the summer. He is in his sixth NBA season and with his fifth team.
The Bucks also opened their four-game road trip against the Lakers on Tuesday night without guard Jerryd Bayless, who has a sprained ankle.
Bayless, who is averaging 11.7 points and 3.7 assists per game, missed his sixth consecutive game Tuesday night with the injury. He has started to shoot again, and Kidd said Bayless will rejoin the Bucks "somewhere down the road."