Cobb went 0-2 with a 10.95 ERA in three starts this season. He was expected to be Baltimore's Opening Day starter but was scratched with a groin injury.
Cobb was placed on the injured list three times this season, including twice for a lumbar strain. The surgery is meant to correct an impingement in the hip and will take place in Nashville, Tennessee, later this week. Cobb could also undergo a procedure on his knee.
"He clearly hasn't been 100 percent, and it's more important to us that we get this issue corrected at the right time and have him 100 percent for next spring training," general manager Mike Elias said Tuesday.
Cobb signed a four-year, $57 million contract with Baltimore in March 2018. He struggled early but improved in the second half of the season, finishing 5-15 with a 4.90 ERA. He underwent Tommy John surgery on his right elbow in 2015 while with the Tampa Bay Rays.