The team said that the surgery was performed by Dr. Thomas Graham at the Cleveland Clinic in Ohio.
Martin was injured in the first quarter during the Timberwolves' 115-99 win over the New York Knicks on Nov. 19. He remained in the game and went on to score 37 points but didn't play in the two games since.
Martin, 31, is in the second season of a four-year, $27 million contract he signed with Minnesota before last season after previously playing for the Oklahoma City Thunder, Houston Rockets and Sacramento Kings.
Martin is the team's leading scorer, averaging 20.4 points and 3.7 assists per game while shooting 48.1 percent on three-pointers for Minnesota (3-9).
- Scooby Axson