The team said Monday the surgery was performed by Dr. Bob Anderson in Green Bay, Wisconsin.
The 28-year-old Powell could be ready for training camp in early October, although the timetable could be more in line with the start of the regular season.
Powell went down with a noncontact injury in the first quarter of a home loss to the LA Clippers on Jan. 21.
In six NBA seasons, Powell has averaged nearly 10 points and six rebounds per game.
Powell has played all but five of his 371 career games for the Mavericks since coming over from the Boston Celtics in the Rajon Rondo trade in December 2015. Rondo didn't stay with Dallas beyond that season.