Verratti will have the operation on May 16 and is expected to be sidelined for eight weeks.
"As a result, Marco Verratti will play no part in Paris St Germain's final matches of the season, or Euro 2016, to be held in France," PSG said in a statement on their website (www.psg.fr).
Verratti was out of action for two months from February but returned to play two games as a substitute at the end of April.
His absence from the European championship is likely to be keenly felt by Italy manager Antonio Conte, whose side face three testing fixtures in the group stage against Belgium, Ireland and Sweden.
He will also miss PSG's final three games of the Ligue 1 season, as well as the French Cup final against Olympique de Marseille on May 21.
(Writing by Toby Davis; Editing by Mark Lamport-Stokes)
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