The 29-year-old Granger, who missed Indiana's first 55 games with the injury, will rest and receive continued treatment before being re-evaluated, the National Basketball Association (NBA) team said.
Since returning last month, Granger, who has averaged 18 points a game in his NBA career, has played limited minutes and averaged 5.4 points and 1.8 rebounds in five games.
Granger, a first-round draft pick by Indiana in 2005, complained of discomfort in the knee after Sunday's game against the Bulls.
The Pacers have done well despite missing Granger, leading the Central Division with a 38-22 record and standing second in the Eastern Conference, but would like to have his scoring punch in time for the playoffs.
(Reporting by Larry Fine in New York, Editing by Gene Cherry)