Ablett dislocated his left shoulder when tackled by Brent Macaffer in the third quarter of the Suns' win over Collingwood at Metricon Stadium on Saturday night.
The Suns’ skipper flew to Melbourne to consult with orthopaedic surgeon Greg Hoy on Tuesday.
Larkins told AFL.com.au he thought it was "most likely" Ablett would have arthroscopic surgery given it would allow him to return before the end of the season and, possibly, the Suns' first finals campaign.
"I think that's the most likely thing," Larkins said.
"The other options are that he says, 'I want the shoulder to be right for next year, I'm having a full reconstruction'.
"(That would mean) he wouldn't play again this year – I don't think that's going to happen.
"And the third option is he doesn't have an arthroscope to wash it out, he just lets the pain settle down naturally and has the physio and straps it up.
"But our experience with this injury with the elite sports performers is it's best to get the fluid out, the blood that's out from the tearing of the ligaments, it just helps things to settle a little bit quicker."
If Ablett has arthroscopic surgery, Larkins said rounds 20 and 21 were realistic return dates, while the two-time Brownlow medallist would be an "outside" chance to return by round 19.
Larkins said if Ablett returned to play this year he would have a "loose" shoulder that was at greater risk of dislocating again.
"There's probably up to a 50 per cent risk that it will come back as a dislocated shoulder again in a contest, even if it is in round 20 or round 21," Larkins said.
"There's not much you can do to avoid that."
Larkins cited Collingwood key defender Nathan Brown as the most recent example of a player who had returned to play after opting against a shoulder reconstruction.
Brown dislocated his shoulder in round two this year and, after a game in the VFL, returned for the Magpies in round 10, dislocating his shoulder again that same game.
"That's rolling the dice, that's what Collingwood did, (Brown) has then gone in to have the full 'reco'," Larkins said.
"So the fact it's Gold Coast's likely first-ever finals appearance, I think they'll roll the dice and get him back playing and hope that it doesn't pop out again."
