The team announced on Wednesday night that Shved has "an incomplete fractured rib." He will be reevaluated in 2-3 weeks.
Given that timetable, it is unlikely that Shved would return prior to the Knicks' final regular season game on April 15.
Shved suffered the injury when he kneed by Toronto's Patrick Patterson on March 22.
The 26-year-old has been one of the few bright spots for New York this season.
In 26 games, Shved averaged 14.8 points per game, 3.6 assists and 4.6 rebounds. The Knicks acquired Shved at the trade deadline in late February in a deal with the Houston Rockets
Shved will be a free agent this summer, one of 10 on the team's roster.
Knicks president Phil Jackson said that he plans to re-sign several free agents from this year's team and Shved would seem a likely candidate.