Exum had the AC joint stabilization procedure performed in Los Angeles by Dr. Neal ElAttrache and will now return to Utah to begin his rehabilitation.
Exum was injured in a preseason game against the Phoenix Suns on Oct. 6 when he landed awkwardly on the floor.
The No. 5 overall pick in the 2014 draft, Exum was hoping to have a career year as a restricted free agent. Coach Quin Snyder was playing Exum as a point guard and off-guard this season, and there were additional opportunities with the departures of Gordon Hayward and George Hill.
This is the second significant injury of Exum's short career. A torn ACL kept him from playing in 2015-16.
Exum averaged 6.2 points, 2.0 rebounds and 1.7 assists last season.