Chandler went down in the early minutes of Wednesday's preseason game against the Brooklyn Nets. The center collided with Gerald Wallace while setting a screen, and he appeared to be in significant pain.
Chandler stayed on the ground clutching his knee and was tended to by a Knicks trainer before heading back to the locker room.
He left the Nassau Coliseum on crutches, but he said he was optimistic that he'll be ready for the season opener on Nov. 1 against the Nets at the brand-new Barclays Center. It's unclear if he will be available.
"I'm sure I'll stay off it the next couple of days and then pick up work with my teammates leading into the first game of the season," he said.
Chandler's injury is the latest in a long line for the Knicks this preseason.
J.R. Smith has sat out the past four preseason games with an Achilles injury, but the Knicks are optimistic he will practice Friday.
Knicks coach Mike Woodson said that power forward Rasheed Wallace will begin scrimmaging Friday.
The Knicks have the oldest roster in the NBA, with an average age of 31, so health is a concern entering the season. Woodson admitted he was uneasy over his team's injury situation.
"I'm not one who's going to sit here and panic and complain. It's what it is right now," he said. "It's a long season. Whoever is in uniform, that's who I'm going to go out and win with."
Jared Zwerling is a regular contributor to ESPNNewYork.com. Information from ESPNNewYork.com's Ian Begley was used in this report.