Waiters, who went down with a left ankle injury almost three weeks ago, has made a decision to undergo season-ending surgery, according to Yahoo Sports' Shams Charania.
That recovery period would have Waiters back between the start of training camp and one month into the 2018-19 season.
Waiters, 26, has missed the past nine games because of the injury, including Wednesday night's contest against the Pacers.
Asked last Friday about the possibility of such surgery, Heat coach Erik Spoelstra said, "We're not even at that point right now".
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Prior to this decision, Waiters had been resting and rehabilitating the ankle, but it was unclear if he had been making significant progress.
Waiters last played December 22 when he injured his troublesome left ankle in the first quarter of a game against the Dallas Mavericks.
Ultimately, Waiters signed a four-year, $52 million deal with the Heat in July after Miami was unable to land Gordon Hayward in free agency. In 30 games this year, Waiters was averaging 14.3 points and 3.8 assists in 31 minutes of action. In his absence, the team has gone 7-2, entering Thursday with a six-game winning streak under its belt. Goran Dragic, Josh Richardson, Wayne Ellington and Tyler Johnson all benefit from a fantasy perspective with this news.