No surgery will be required for Paul, who underwent an MRI exam Sunday and was reevaluated by team doctors.
The six-time All-Star has appeared in 34 games this season, averaging 19.6 points, a league-high 11.2 assists, 4.6 rebounds and 2.4 assists.
The Clippers waived point guard Maalik Wayns on Sunday, opening a roster spot to possibly add a point guard to the team. Coach Doc Rivers said Saturday the team was looking at options.
"There are a few guys who could get out of their contracts in China," Rivers said. "So you're looking at all that stuff."
Darren Collison, who started 47 games last season with Dallas and has started 221 games in his five seasons in the NBA, will be the Clippers' starting point guard while Paul is out. Collison is averaging 8.6 points, 2.2 assists and 2.1 rebounds this season.