According to Shams Charania of Yahoo Sports, Waiters will opt to go under the knife, which would cause his 2017-18 campaign to come to an abrupt end.
A report indicated that Waiters was contemplating getting surgery on his ankle after speaking to multiple doctors on how to proceed.
Before arriving at his decision, he consulted with specialists to weigh the possibility of season-ending surgery or a procedure that could've allowed him to return before the playoffs. His recovery is expected to take four to six months, a league source said.
Waiters has had issues with the left ankle for a while, and he's missed the last nine games after he turned the ankle in the first quarter of Miami's game against the Mavericks on December 22.
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The Heat now sit fourth in the Eastern Conference.
The Miami Heat are having a very good season.
Waiters battled injuries last season in his first year with the Heat as well.
Waiters' production has dipped this season as he has played through pain in the ankle that he said was "excruciating" at times. In 30 games this year, Waiters was averaging 14.3 points and 3.8 assists in 31 minutes of action.