Ball is expected to travel to California in the coming days to have the arthroscopic procedure to repair a meniscus tear, a source told ESPN.
The Bulls and Ball's agent -- Klutch Sports CEO Rich Paul -- had discussed options with doctors, but the procedure was deemed necessary after a recent change in nonsurgical treatment didn't allow Ball to play through what's described as a slight meniscus tear, sources said.
Ball has missed the past three games with what the Bulls initially deemed was a bone bruise. The team had already ruled him out for its upcoming three-game road trip because his knee was not recovering well from the initial treatment.
Bulls coach Billy Donovan on Wednesday night said Ball had changed treatments on the knee, and that doctors were waiting to see how Ball responded to the new treatment.
Ball had a procedure for a meniscus tear on the same knee in July 2018 and returned for the start of training camp with the Los Angeles Lakers.
He is averaging 13 points, 5.4 rebounds and 5.1 assists in 35 games in his first season in Chicago.
ESPN's Jamal Collier contributed to this report.