Jack Curry of YES Network reported last week that Pineda was initially diagnosed with a partial tear of his UCL.
Cincinnati Reds Medical Director Dr. Timothy Kremchek will perform the surgery on Pineda on Tuesday in Cincinnati.
With Pineda set to hit free agency at the end of the season, the once promising prospect who has had a rash of injuries throughout his career is unlikely to return to the Yankees organization.
Pineda,28, missed all of 2012-13 with shoulder issues and has averaged 22.3 starts in the four years since failing to top 180-innings.
Pineda had a solid start to the 2017 season posting a 7-3 record in his first 14 appearances to the tune of a 3.56 ERA. Pineda fell off shortly after and his ERA dropped to 4.39 after the last three starts.
His last outing, July 5th, he lasted only 3 innings.