Conley, an 11-year veteran, has been out since Nov. 13.
The team said he is progressing well through therapy and treatment to help with the soreness.
Conley is averaging 17.1 points and has started in 12 of the team's 19 games this season.
Also on Wednesday, the Grizzlies said forward Brandan Wright (groin strain) has resumed on-court work and will return within the next few games.
Forward Chandler Parsons won't play Wednesday due to soreness in his right knee but is expected to return within the next few games. Guard Mario Chalmers also will sit out Wednesday versus the San Antonio Spurs due to soreness in his ankle but will play Friday, also against the Spurs, Memphis said.