The Argos said in a statement that the surgery was successfully performed by doctors in Cleveland.
The team said Ray will begin rehabilitative therapy immediately and doctors expect that he will fully recover. Ray will need approximately six months of recovery time and is expected to report on time for 2015 training camp.
Ray led the CFL in passing yards (4,595), touchdowns (28), completion percentage (68.5 per cent) and completions (425) this season.
He is the East Division nominee for the CFL Most Outstanding Player award.