Cruz had the debridement performed by Dr. James Andrews in Pensacola, Fla. The procedure involved the removal of cartilage and is not considered a major operation.
The Giants have not placed Cruz on injured reserve, but his season is all but finished with just two games remaining against Detroit and Washington.
Cruz had been cleared Wednesday from a concussion he suffered Sunday against Seattle, the Giants said.
Late in the third quarter against the Seahawks, Cruz was injured when he went high to catch a pass from Eli Manning and landed on his head while being tackle by cornerback Jeremy Lane. Cruz was slow to get up and walked gingerly to the sideline. The 16-yard play was ruled a catch but eventually overturned on a challenge.
The 27-year-old receiver signed a five-year, $43-million extension in the offseason and was the team's steadiest offensive performer in an otherwise horrible campaign for the offense.
Cruz likely will finish 2 yards shy of his third straight 1,000-yard season. He leads the team in receptions (73) and yards (998) and has four touchdown catches. He could have become the first Giants player to register 1,000 receiving yards in three straight seasons since Amani Toomer in 1999-2003 and the fourth in team history to do so.