The American has finished in the top ten at each of the previous two Augusta tournaments and would be chasing a first Green Jacket next month if he is able to compete.
However, the world No12 has not competed since finishing tied for second at the WGC Workday Championship last month.
He injured his right knee while with his family in Florida, telling Golfweek he suffered a dislocation of his kneecap and ligament damage.
The 30-year-old went under the knife last Tuesday and is keeping an open mind regarding his participation in the Masters, which begins on April 8.
Koepka said: “Whatever my body says, I’m going to listen.”
The American has won two titles each at the PGA Championship and the US Open, while his best finish at the Masters was tied for second in 2019.
Additional reporting by PA.