Beltran, 37, said he will have the surgery soon after the Yankees' season ends. He will need to rest for two months before he can throw again and expects to be ready when spring training starts in February 2015.
He missed nearly a month with the injury earlier in the season and only played DH from June until mid-August because he was unable to throw without pain.
Beltran signed a three-year, $45 million contract with the Yankees in the offseason. He is batting .239 with 15 home runs and 47 RBI this season.
The Yankees are 9.5 games behind the first-place Baltimore Orioles in the AL East. They trail the Detroit Tigers by four games for the final Wild Card spot.
- Paul Palladino