The 24-year-old suffered a subluxation of his right shoulder during a training session on Saturday and an MRI revealed an underlying labral tear, the Grizzlies added.
"Morant will undergo season-ending surgery and is expected to make a full recovery ahead of the 2024-25 season," the team said in a statement.
Morant was suspended without pay by the NBA for the first 25 games of the season after the league found he had displayed a firearm in a car in a live-streamed video.
Upon his return, the Grizzlies won four straight games and he was named Western Conference Player of the Week in his first week back.
Morant averaged 25.1 points and 8.1 assists in his nine games for the Grizzlies this season. Memphis is 13-23 and sit 13th in the Western Conference.
