A source told Britain's News of the World newspaper: "For months Prince, who always puts on the most energetic shows, has been complaining of pain every time he moves.
"He is totally crushed because he knows he will never be the same again."
The surgery will involve removing the ball and socket of Prince's damaged hip and replacing it with a titanium joint.
The diminutive star is allegedly booking into a private hospital and aides have reportedly cleared two months from his diary to allow him time to recover from the operation.