Morant is in jeopardy of falling short of the league's 65-game minimum required to be eligible for All-NBA consideration and other major awards.
The Grizzlies announced the diagnosis Monday and said more updates 'will be provided as appropriate'.
Morant was injured when he crashed into a hard screen set by New Orleans center Daniel Theis during the Grizzlies' game against the Pelicans.
He sat out Sunday's road game against the Oklahoma City Thunder, his 13th missed game this season due to a variety of injuries.
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