The belief of multiple WWE sources is that C.M. Punk will be healthy enough to work the Royal Rumble pay-per-view in January. Punk has been working through a knee injury, so it's not as if he blew out his knee unexpectedly at Raw. Therefore, the suspicion of his colleagues is that if he had been working through the injury, they can't imagine that he wouldn't do everything he could to work the Royal Rumble. After all, the popular speculation is that Punk will face The Rock in what will be the most high profile match of Punk's career.
Powell's POV: Again, nothing is official regarding the timeline, but I would be surprised if Punk had surgery and risked missing the Rumble unless it was absolutely necessary. One would think that Punk would even go so far as to not wrestle from now until the Rumble and then gut his way through the match if at all possible. That said, Punk is considered questionable at best for the TLC pay-per-view and his main event match with Ryback.