The 30-year-old is expected to miss the remainder of the season, the Timberwolves announced Thursday.
Rose has been sidelined for Minnesota's last five games after experiencing swelling and soreness in his elbow. An MRI taken Tuesday revealed a chip fracture and loose body.
The 2010-11 Most Valuable Player has gone under the knife on numerous occasions in the past, mainly to repair his knees. Rose missed the entire 2012-13 season after tearing the ACL in his left knee while with the Chicago Bulls. He also previously tore the meniscus in both of his knees, with his right one requiring multiple operations.
Rose has averaged 18 points, 2.7 rebounds, 4.3 assists, and 0.6 steals on 48.2 percent shooting while playing primarily as a reserve in his first full campaign with the Timberwolves.