Billingsley, who had been working his way back from Tommy John surgery on the same elbow, said he is hopeful he can pitch in 2015.
"I'll have spent two years of my life rehabbing, but I've got to do it," Billingsley said. "It's not as long as Tommy John rehab, they tell me, about six months, so that's good. This was my best chance to pitch next year."
The surgery will be performed by Dodgers team orthopedist Neal ElAttrache. Billingsley had Tommy John surgery in April 2013, although his elbow had begun bothering him the previous August.
The Dodgers were hopeful Billingsley could rejoin their rotation some time in May or June, but he had setbacks each time he pitched in minor league games as he tried to work his way back.
The team fortified itself this past winter in case Billingsley couldn't return with the free-agent signings of veteran pitchers Dan Haren, who has been a solid No. 5 starter, and Paul Maholm, who is working out of the bullpen.
The Dodgers signed Billingsley to a three-year, $35 million contract extension in March 2011. They have a $14 million option for next season with a $3 million buyout.