Bennett signed a non-guaranteed deal with the Houston Rockets in July, but this surgery will reportedly prevent him from making the final roster.
The 26-year-old has been out of the league since spending the 2016-17 season with the Brooklyn Nets.
Though the knee injury forced Bennett to miss the start of training camp, he was initially listed as day-to-day.
Bennett has been nothing short of a bust in the NBA, averaging 4.4 points and 3.1 rebounds per game across four seasons with four different organizations.
After averaging 14.3 points and 6.7 rebounds in 2017-18, he posted 12.2 points and 4.5 rebounds per game last year with the Agua Caliente Clippers, an affiliate of the Los Angeles Clippers.