Jackson, averaging 19.4 points and 5.7 rebounds a game, is likely to miss the remainder of the season after the surgery, set for the upcoming NBA All-Star break.
Jackson was found to have a localized pigmented villonodular synovitis (PVNS) growth - a large tumor that can cause joint damage if not removed - in his left knee during an MRI exam following his post-trade physical.
The club, Jackson, his agent and medical experts consulted before deciding the operation would come in the next few days.
Jackson, the 2023 NBA Defensive Player of the Year, is expected to make a full recovery, the Jazz said in a statement, but no timetable for his return was revealed.
Two-time NBA All-Star Jackson is in his eighth NBA campaign with career averages of 18.6 points, 5.6 rebounds, 1.9 blocks and 1.5 assists.
Jackson, 26, came to Utah from Memphis in a February 3 deal involving eight players and three first-round NBA Draft picks that went to the Grizzlies.
He scored 22 points last Saturday in his Jazz debut, a 120-117 loss at Orlando.
At 18-37, the Jazz rank 13th in the Western Conference.