Graham missed all of this past season after tearing the anterior cruciate ligament in his left knee in September.
"Our main concern is getting Tyree healthy," said Rice, in a statement. "He will remain involved in team activities."
Rice says Graham will face "an extensive recovery and prolonged rehabilitation" period following his latest surgery.
The Durham, N.C., resident hasn't played for Rutgers since joining them as a junior college transfer last summer.
He averaged 3.9 points in 13 games as a freshman at Texas Tech before leaving school for personal reasons.
Information from The Associated Press was used in this report.