"Marc is a cornerstone of our franchise, and we are focused on getting him healthy," Grizzlies general manager Chris Wallace said in the release. "Marc will be out indefinitely and a further update will be provided after the All-Star Break."
It is unknown when the injury occurred. Gasol scored 11 points in Monday night's overtime loss to the Portland Trail Blazers before leaving late in the first quarter with a right foot injury. He did not return.
After the game, Memphis coach Dave Joerger described Gasol as "just dinged up," adding that, "He's got a problem on one leg. He's got another problem on the other leg."
Gasol, who is 7-foot-1, was examined by team physicians Tuesday morning, and an MRI revealed a fracture in his right foot, the Grizzlies said.
"It's certainly not great for Marc and his family. I know he's disappointed," Joerger told The Commercial Appeal on Tuesday. "It's bad for our team. This is a tight bunch of dudes. They care about each other. It hurts everybody. Marc is a guy who lays it out there for his teammates and the fans. We're going to fight, scratch and claw."
Losing Gasol is a big blow to the Grizzlies, who rank fifth in the West entering Tuesday nights' games and have made the playoffs the past five seasons.
Gasol has started all 52 games this season and is averaging 16.6 points, 7 rebounds and 1.35 blocks.
He signed a five-year contract last July after earning a starting spot in the All-Star Game last season and becoming the first Grizzlies player voted to the All-NBA first team.
Information from The Associated Press was used in this report.