Nalbandian told Argentine TV TyC Sports on Tuesday that his right hip is hurting him more each day, adding that he expects to make a decision on surgery before the end of the week. He said he would need four to six months to recover.
The French Open begins on May 24, and Wimbledon opens on June 22. Argentina's Davis Cup quarterfinal in the Czech Republic is from July 10-12.
Nalbandian, ranked No. 19, lost 6-2, 6-2 on Monday to Paul Capdeville of Chile in the first round of the Estoril Open in Portugal.
Argentine newspaper Clarin reported on Tuesday that Nalbandian has already decided to have surgery on May 13 in Barcelona.
Nalbandian was a Wimbledon finalist in 2002, and reached the French Open semifinals in 2004 and 2006.
He played in last year's Davis Cup final loss to Spain, but Argentina will be among the favorites to reach the final again with a team headed by No. 5 Juan Martin del Potro.