Bargnani sprained his right elbow in the first quarter of Toronto's 118-116 road loss to the Los Angeles Lakers last Friday night and did not return.
The Raptors said the injury is not related to the ligament problem in his elbow that sidelined him for more than 25 games earlier this season.
The top pick in the 2006 draft, Bargnani is averaging 12.7 points and 3.7 rebounds in 35 games this season, a major drop off from his production over the past few years.
Bargnani, 27, had appeared in 14 of 15 games, including four straight starts, before suffering the injury on Friday.
Bargnani's name has even come up in trade rumors since the Raptors are struggling this season, but he has two years and about $22 million left on his contract.
Information from The Associated Press was used in this report.