Shumpert injured the knee, the same one which sustained a torn ACL in his rookie year, when he tried to come to a stop while driving to the basket in the third quarter. He was immediately helped to the Knicks' locker room.
The Knicks said Shumpert will leave the team and travel back to New York to be re-evaluated. The Knicks have two games left on a four-game road trip.
League sources confirmed to ESPN.com's Marc Stein that Shumpert suffered a sprained left MCL. An MRI Thursday revealed a mild sprain and he is expected to miss roughly 7-10 days.
Yahoo! Sports earlier reported the sprain was to the MCL, citing league sources.
Shumpert's injury potentially impacts New York's ability to trade the third-year guard.
Shumpert also hurt the knee during the 2012 playoffs and didn't return until January 2013. The severity of Shumpert's most-recent injury was unclear.
With Shumpert performing inconsistently on offense and the Knicks desperate to land a point guard by the trade deadline, New York has talked to several teams -- including the Denver Nuggets and Los Angeles Clippers -- about dealing the 2011 first-round pick.
The Knicks are off Thursday and will return to the court on Friday against the Orlando Magic.
Shumpert is averaging seven points and 1.8 assists in 27 minutes per game for the Knicks. He's shooting 38.1 percent from the field.
Information from ESPNNewYork.com's Ian Begley and The Associated Press was used in this report.