The England international has been restricted to just 37 appearances for United since his £17m move from Bayern Munich in July 2007.
The operations were carried out under the guidance of leading American knee surgeon Richard Steadman, who has previously operated on Alan Shearer, Michael Owen and Ruud van Nistelrooy.
Hargreaves missed the start of the 2007/08 season only to return after Christmas and play a prominent role in United's Champions League and Premier League triumphs.
But the problem flared up again in the summer and he made just three appearances before he was ruled out for the season.
His latest injury setback also means he will play no part in England's 2010 World Cup qualifiers in Spring 2009.
The news of Hargreaves's return will be a welcome boost for Ferguson, who has had a long injury list to deal with this season.
Of Manchester United's short-term absentees, striker Wayne Rooney, defender Patrice Evra and winger Nani could all be back for the trip to West Ham on 8 February.
If Rooney is back from his hamstring injury by then, it would also improve his chances of being available for England's game against Spain on 11 February.
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