Ebron played in Thursday's loss at Houston, making four receptions for 44 yards despite missing two days of practice because of the ankle injury.
In a tweet, Ebron said the ankle has been bothering him since the beginning of the season, but he had been hoping to push back surgery to the offseason.
Ebron made the Pro Bowl in his first season with the Colts in 2018, catching 66 passes for 750 yards and 13 touchdowns. His production dipped this season: He has only 31 receptions for 375 yards and three touchdowns.
Ebron, who will be a free agent at the end of the season, has 283 receptions for 3,195 yards and 27 touchdowns in a six-year career.
Travis returns to Indianapolis after being waived on Aug. 31. He played in four games for the Colts in 2017 and spent the 2018 season on injured reserve. In stints with the Kansas City Chiefs and Colts, Travis has 10 receptions for 91 yards in 21 career games.