The injury-prone seven-footer has a lengthy history of knee ailments and the latest setback dashed hopes of his long-awaited debut for the 76ers this season after they had traded for him during the summer.
"After many months of rehabilitation and consulting with numerous doctors, Andrew and the doctors treating him determined that this is the best course of action at this point," 76ers general manager Tony DiLeo said in a statement.
"We will continue to monitor and evaluate his status moving forward."
Philadelphia landed the 25-year-old Bynum in a four-team blockbuster deal that also saw Dwight Howard head to the Los Angeles Lakers.
After the young 76ers made a run to the second round of the East playoffs last season, Bynum was supposed to be the missing piece to make them a legitimate threat for years to come.
However, bone bruises in both knees have kept him sidelined for the entire campaign, and now the franchise must decide if they will make a contract offer to Bynum, who will be an unrestricted free agent at season's end.
Despite his battles with health, Bynum contributed to two NBA titles for the Lakers and enjoyed a breakout 2011-2012 season when he averaged 18.7 points, 11. 8 rebounds and made the All Star Game.