Williams received platelet-rich plasma treatment on both ankles earlier Monday and is expected to return to action next week.
"I think it's something with time off, he's played a lot of basketball over the summer, and it's not a structural thing," Nets general manager Billy King told reporters in Indiana, adding that he expects Williams to return to practice next Monday. "I think it's something that's manageable when you have more time to rest over the All-Star break."
Williams has been hampered by a myriad of minor injuries this season, but had missed just one game -- Dec. 26 in Milwaukee -- due to a bruised right wrist.
"He hasn't had the same explosiveness that he had last year, so there's obviously something that's affecting him," King said. "He's frustrated because he knows he's not playing the way he's capable of playing, so this will allow him to get some time off and rest his ankles and get back healthy."
Prior to the start of the season, Williams had to have a cortisone shot in his left ankle due to inflammation caused by a bone spur. The three-time All-Star said he expected to have to undergo offseason surgery to have the area cleaned up.
Williams, 28, has averaged just 13.7 points on 38.7 percent shooting in his past six games. Over that span, he averaged just 5.7 assists and 4.0 turnovers.
The 6-foot-3 Williams is averaging 16.7 points, 7.6 assists and 3.3 rebounds, along with 41.3 percent shooting, in 50 games this season.
"Let's not put the dirt on him and say his career's over at 28," King said, according to the New York Daily News.
King still believes Williams is capable of being one of the league's best point guards.
"This year he's not having the best year, but I do," King said, according to the New York Post. "Because I've seen it. He's done it."
"It's my job to look at trade possibilities," King said, according to the Post. "Are we going to make a trade? We may, we may not. I'm not going to make a trade just to make a trade. Do I believe this group can regroup and play well? Yes."
As for P.J. Carlesimo's interim coaching status, King said that will be evaluated "later," according to the Daily News.
Mike Mazzeo is a regular contributor to ESPNNewYork.com.