The Liverpool striker, who won the PFA and Football Writers' Player of the Year awards, sustained the injury in their final game of the season against Newcastle, according to the Uruguayan Football Association (AUF).
Doctors performed an arthroscopic partial resection of the striker's meniscus on Thursday morning and confirmed afterwards there were no complications.
The AUF remain optimistic Suarez will be fit to play in Brazil, with his team kicking off their Group D campaign against Costa Rica on June 14 before facing England five days later and then Italy.
Uruguayan FA official Roberto Pastoriza advised the outlook on the striker's health was positive and is hopeful Suarez will be fit in time for the tournament.
"According to the report I received a while ago, they are optimistic that he can play the World Cup," said Pastoriza.
Suarez had an MRI scan after feeling discomfort in his knee in training on Wednesday but the AUF claim this was a result of a knock he sustained in the Newcastle game.
The 27-year-old, who scored 31 goals in the Premier League as Liverpool fell just short of a first league title in 24 years, returned to Uruguay on Tuesday to train with the national team.
Suarez has won 77 caps for his country and forms a key part of an impressive array of attacking talent in the squad, alongside Paris Saint-Germain striker Edinson Cavani, veteran Diego Forlan, Palermo's Abel Hernandez and Espanyol's Christian Stuani.
Suarez will almost certainly miss Uruguay's pre-World Cup warm-up games against Northern Ireland on May 31 and Slovenia on June 5.