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Bradford will hold a news conference at 6 p.m. Monday.
"I dreamed about coming to Oklahoma my whole life," Bradford said in a statement. "That's the reason I came back for this season. And I came back to play, not sit on the bench. That's the reason I tried to play after the injury. I'm very disappointed that it didn't work out differently.
"Under these circumstances, and after talking to several people, this is the right thing for me to do at this point."
The Oklahoma quarterback injured his right, throwing shoulder twice this season, most recently against Texas on Oct. 10.
The school announced Sunday that Dr. James Andrews will perform the operation Wednesday in Birmingham, Ala.
Bradford added that he intends to enter the draft if the recovery goes as anticipated. The rehabilitation time for the surgery is estimated at four to six months.
Bradford owns 15 school records at Oklahoma. He is the career passing (8,403 yards) and career passing touchdown (88) leader.
Landry Jones has replaced Bradford. Jones is 119-of-192 for 1,363 yards with 13 touchdowns and six interceptions.
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