Waters, 22, will travel to Sydney for surgery in 10 days' time after seeking a second opinion on his ailment.
He said the operation had a number of variables and he could not be certain how long he would be out of football.
"I'm not 100 per cent sure of the return date," he said on Tuesday. "I'm heading to Sydney on Friday week for another operation with a source of second opinion.
"I'll go in and have that done as early as possible and won't be sure of the outcome until I actually come out of surgery."
The Eagles issued a statement last week advising that Waters' elbow had not responded as hoped and he would ease off his pre-season training program.
He injured the joint when representing WAFL club Claremont in round 13 last year.
Despite the setback, Waters remained upbeat and hopeful he would still play a large part in West Coast's 2009 season.
"We'll just wait and see how we go with the injury – I'm still pretty keen to play as much footy as I can this year," he said.
In better news for West Coast, emerging defender Eric Mackenzie suffered no serious damage to the right shoulder he injured during Saturday night's NAB Cup opener against Collingwood.
The 20-year-old may even be available for selection when the Eagles head to Alice Springs on February 27 to face either Geelong or Adelaide in the NAB Regional Challenge.
However, the good news follows confirmation young midfielder Pat McGinnity will miss at least six weeks with a broken jaw.
But the Eagles' early-season injury woes were not the main issue on Tuesday, Waters reasoned, as he launched the Cancer Council WA's 'Me No Hair' fundraiser.
Teammates Daniel Kerr, Will Schofield and Will Sullivan joined Waters having their hair shaved or coloured for the cause, which West Coast has contributed more than $400,000 to in its four-year partnership.
