The 36-year-old German, who is now ranked 20th and is the oldest of the world's top 100 players, will be operated on by Dr David Altchek at the Hospital for Special Surgery in New York on Tuesday.
Haas, a Wimbledon semi-finalist in 2009, will miss the rest of the season but said it did not mean the end of his career.
"It's a big step backwards in a long process but I want to hopefully come back again at some point and finish my career on my own terms," he told the ATP website. "I'll try everything I can.
"The diagnosis was a real shock for me but surgery can't be avoided because the injury is very serious."
Haas, who has been dogged by elbow and shoulder problems, has retired from four matches this season including first-round exits at the Australian Open and French Open.
(Writing by Tim Collings, editing by Tony Jimenez)
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