He will rest for the next 10 days and then begin supervised rehabilitation. The team said updates will be provided "when appropriate."
Teletovic, 32, experienced "unusual fatigue" earlier this week and consulted with the team's physicians.
A knee injury has kept him out of the Bucks' past 16 games. He underwent arthroscopic surgery on his left knee last month.
In 10 games this season he has averaged 7.1 points and 2.3 rebounds.