Rose had gone through all of Tuesday's shootaround and was expected to play, with coach Tom Thibodeau saying he was probable. However, he was ruled out about a half-hour before the game after taking part in warm-ups.
Thibodeau remained optimistic about Rose's status after the game.
"He practiced [Monday], he practiced today, warm up, [he's] not quite there. So we'll see where he is [Wednesday]," Thibodeau said. "This is all part of it. He'll be fine."
Thibodeau said the fact that the Bulls were starting a stretch of four games in five nights had nothing to do with Tuesday's decision.
"He sprained his ankles," Thibodeau said. "When he's ready to go, he'll go."
Kirk Hinrich started in place of Rose on Tuesday night.
Power forward Taj Gibson also went through all of Tuesday's shootaround and started against the Magic in place of center Joakim Noah. Gibson had missed Saturday's game because of a sprained left ankle.
Noah was out with flu-like symptoms and was not going to travel with the Bulls to Milwaukee after the game. After initially saying Noah would be out Wednesday against the Bucks, Thibodeau said the Bulls would re-evaluate where he is Wednesday.
"We just want him to get rest tonight," Thibodeau said.
Thibodeau said that if Noah is feeling better, they will send someone to pick him up and drive him to Milwaukee.
"Jo's sick. Hopefully he'll be better [Wednesday]. I don't know. He was pretty sick today so hopefully we'll have them both [Noah and Rose]," Thibodeau said.
Rose said after Tuesday's shootaround that he was feeling better but would wait until closer to game time before making a decision.
"I'm feeling good," he said. "Every day it's improving. [I'll] come in early tonight and really stretch and get treatment, try to go over everything [in] every area and try to give it a go tonight."
Rose was asked how he would make his decision.
"Just having that burst of speed," he said. "If I could get to a spot, I could play. If not, there's no need. If I'm not out there and I'm not 100 percent or if I can't play the way that I normally play, there's no point in me being out there right now."
Rose apparently didn't feel comfortable with his ability to move on both ankles, despite the fact that he warmed up for close to an hour before the opening tip.
The Bulls and Rose want to take a cautious approach regarding his health because there are so many games left in the regular season.
"It is [frustrating] but there's nothing I can do about it," Rose said earlier Tuesday. "I'd have something to worry about if I just twisted it by myself, nobody was around, but I came down on somebody's foot and that was the reason why I sprained it. [The injuries] are just basketball related, something that's just going to happen. It's a basketball injury, so I just got to get used to it. I think it's part of the process; you just got to keep going through it with a positive mindset."
Rose said he initially injured both ankles on the same play against the Cavaliers.
"It was the same play, actually," Rose said. "I don't know who does that. When I sprained my left one, my right [foot] came out of my shoe a little bit and it went back in halfway and it tweaked the right one a little bit on the same play. If you look at the film again, you probably can see me holding my ankles at the same time.
"I just tried to walk it off, and me walking it off and playing through it probably made it a little bit worse, but I was too caught up in the game and in the fourth quarter it caught up to me."
Information from The Associated Press was used in this report.