The Lakers announced the decision Thursday.
The second-year pro has missed four straight games and five of the last seven with right knee tendinitis. He had an ultrasonic debridement procedure on his right knee patellar tendon on Thursday morning.
Hart is expected to return to basketball activities in about 12 weeks, the Lakers said.
Hart is averaging 7.8 points, 3.7 rebounds and 1.4 assists per game as a key part of Los Angeles’ young core, which has been besieged by injuries. Lonzo Ball and Brandon Ingram are already out for the season.
The Lakers (33-42) will miss the playoffs for the sixth consecutive season.