The 24-year-old has been sidelined for 11 months since initially suffering an ankle injury and then encountering patella tendon problems.
"We've decided to try something different to speed up my recovery," said Kightly.
"On a couple of occasions I've actually stepped up my rehab I've not quite made it, so I'm going to have the operation in Sweden.
"There is no timescale on my return but I'm feeling positive and hoping this will help me complete my recovery."
Kightly had already been left out of Wolves' 25-man squad named at the start of the season as he was unlikely to feature during the first half of the campaign.
But requiring another operation could mean an even longer absence.
Steve Kemp, head of Wolves' medical department, said: "Michael has been able to reach a certain stage of rehab without being able to push on further.
"The patella tendon can be such a troublesome injury, as some other high profile professional athletes will vouch for, and we have tried to avoid surgery up until now."
Kightly's last appearance was against Birmingham at Molineux in November 2009.
Source: PA
Source: PA