Porzingis told reporters that the elbow injury -- which coach Jeff Hornacek referred to as bursitis, or elbow inflammation -- is something he has experienced often. Porzingis suggested that he might have a minor surgical procedure in the offseason to prevent the injury from reoccurring.
"When I hit it again, it just swells up and it's sensitive and I can't stretch my arm,'' Porzingis said. "It bothers me a little bit, but not that bad. It's always, I have to get the swelling down and then I'll be fine again. But I think once the season's over, I might have to do something about it. I just can't keep going like this every year."
Porzingis said he tweaked the ankle on his final basket -- a driving layup with 11 seconds to play -- on Tuesday at home against the Charlotte Hornets.
"I got a little pinch in my ankle," he said. "It hurt until the end of the game."
Porzingis, the NBA's second-leading scorer entering play Wednesday, expects to be on the court for the Knicks' next game, at home against the Sacramento Kings on Saturday.
"Sometimes it's smart when something's hurting to maybe sit out one game and not later lose four games,'' Porzingis said. "But in this case, I got to the point with the ankle I needed to give it a rest. Hopefully, I'll be ready next game."
Porzingis, 22, is averaging 30 points per game and has established the Knicks' franchise record for most total points through 10 games.
The Knicks are playing the second game of a back-to-back, which likely contributed to the team's decision to keep Porzingis from playing in Orlando.
Porzingis' absence will create a significant void for New York (6-4) on Wednesday.
The 7-foot-3 forward is off to a blistering start, having scored at least 30 points in seven of 10 games. He's shooting 51 percent from the field (38 percent from beyond the arc) and averaging 2.3 blocks and 7.5 rebounds per game. New York had won six of seven behind Porzingis' scoring spree.
Michael Beasley started in place of the third-year forward on Wednesday.
Mindaugas Kuzminskas was added to the active roster for the first time this season after Porzingis was ruled out.
In other developments Wednesday, general manager Scott Perry told reporters in Orlando that he didn't want to respond to comments made in a Latvian magazine by Porzingis' brother Janis, an agent in the firm that represents Kristaps, that surfaced last week.
Janis Porzingis referenced his brother's dissatisfaction with the Knicks last season, when he skipped his exit interview, and noted that Kristaps would need to be happy to re-sign with the team in the future, even if leaving meant taking less money. But Kristaps said many of the comments were taken out of context and that fans shouldn't be concerned.
"We're looking forward and ahead," Perry said. "The time to talk about contract extensions, that's far. We're living in today. KP is playing some very good basketball right now. He's playing well and happy with this team. We'll deal with all that stuff later. But no comment in terms of what was said [by Janis Porzingis] because I really don't know what he meant."
ESPN's Ian Begley contributed to this report.