Conley is likely to miss six to eight weeks, a source told ESPN's Jeff Goodman. Conley will not need surgery.
The story was first reported by The Vertical.
Conley was off to the best start of his career fresh off signing a five-year, $153 million maximum contract, the biggest overall deal in NBA history. He is averaging a career-high 19.2 points to go with 5.7 assists per game, leading the injury-riddled Grizzlies to an 11-7 record.
Without Conley, Memphis will be forced to rely on a pair of rookie point guards. Andrew Harrison, who spent last season in the D-League, is averaging 5.9 points and 3.4 assists but is shooting only 27.1 percent from the floor. First-round pick Wade Baldwin is averaging 3.5 points and 2.3 assists, shooting only 33.3 percent from the floor, and had fallen out of the rotation.
Center Marc Gasol (18.0 points, 5.6 rebounds, 3.8 assists per game) is the only one of Memphis' three max players who is currently healthy. Parsons will miss at least another week due to a bone bruise in his left knee, which is not the knee that he had surgeries on each of the two previous seasons.