Holloway, a left-hander who leads the Razorbacks with four saves, injured his left elbow while throwing a pitch during last Wednesday's 14-1 win at Centenary.
"Trey Holloway will have to have a screw put in his elbow because he has a stress fracture," said Arkansas coach Dave Van Horn. "We could get him back in May, late-May, possibly.
"Do we burn a year to pitch him in May? What if he's not 100 percent?
"We're going to leave it up to Trey."
If Holloway can't return, there is a strong possibility he could earn a medical redshirt since the junior college transfer from Booneville hasn't yet used one.
Van Horn also announced on Tuesday that he has suspended senior starters Casey Rowlett (center field) and Scott Bridges (second base) for violations of team policy.
"I feel bad for Trey because he's such a great leader," Van Horn said. "Boy, he was pitching well.
"Guys just have to step it up. We just had a team meeting and we talked about a lot of things, mostly that we just have to pick it up a notch. We've got some depth, and this depth is going to have to play.
"So we'll see what happens."
Holloway To Have Surgery
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