The 32-year-old shooting guard, who has missed his team's last eight games will have surgery at Mt. Sinai Medical Center in New York on a date yet to be confirmed.
Renowned for his extravagant slam dunks, Richardson has started 33 games for the 76ers this season, averaging 10.5 points and 3.8 rebounds.
Philadelphia, who reached the Eastern Conference semifinals last season before losing to the Boston Celtics, have a 21-27 record and sit just outside a playoff spot in ninth place.
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