The procedure will be performed by Dr. Neal ElAttrache of the Kerlan-Jobe Orthopaedic Clinic. The Lakers will give a timeline for his recovery after the surgery.
In his 10th season, first with the Lakers, Price has played 43 games, averaging 5.1 points and 3.8 assists a game. Price also started 20 games this year before giving way to rookie guard Jordan Clarkson.
Price has been dealing with elbow pain for well over a month, playing despite the bone spur.
Nick Young sat out practice Tuesday with a sore left knee. An MRI on Monday didn't show a significant injury.