Randolph, averaging 16.1 points and 11.4 rebounds, was injured during Friday night's loss to Chicago, which ended Memphis' six-game winning streak. He played just 22 minutes.
Randolph did not travel to Cleveland for Sunday's 105-91 loss to the Cavaliers.
The team says results of his MRI exam Saturday were negative. Coach David Joerger said Randolph would likely also sit out Monday's home game against Utah, and that the team wants to give him as much time as needed to get healthy.
Grizzlies guard Tony Allen was also out with an eye injury. He has already missed two games since he was hurt.