He is expected to resume basketball activity in about two months, the team said. Aldridge, 29, has been dealing with the injury since January, but decided to postpone surgery.
In 71 games this season, he averaged 23.4 points and 10.2 rebounds while helping the Trail Blazers post a 51-31 record and finish in fourth place in the Western Conference.
Portland was eliminated in the first round of the playoffs by the Memphis Grizzlies.
Aldridge has just competed the final season of a five-year, $67.5 million contract. The Oregonian reported that members of the Trail Blazers are worried that Aldridge could leave in free agency.