The team says the surgery was performed by Dr. Richard Ferkel of Southern California Orthopedic Institute in Van Nuys, Calif. The Timberwolves say Rubio is expected to make a full recovery.
Last week the Wolves announced their decision to shut Rubio down for the remainder of the season. Rubio averaged 10.3 points, 8.8 assists and 5.7 rebounds for the Wolves this season, but played in just 22 games.
He initially missed 42 games this season after spraining his ankle on Nov. 7. He then missed additional games down the stretch because the ankle remained sore.
Rubio said last week he hadn't decided if he would suit up for Spain in the European Championships in September. He said his first goal is to get healthy.
Rubio begins a four-year, $55 million contract extension next season with the Wolves, which he signed last fall.