The point guard was injured with 2 minutes, 6 seconds left when Giannis Antetokounmpo landed on him after a scramble for a loose ball. Walker headed directly to the locker room.
"So far he's OK. We'll know more [Saturday], but so far indications are that he is going to be OK," Hornets coach James Borrego said.
Walker finished with 10 points in 35 minutes in Friday's 108-99 loss at Milwaukee's Fiserv Forum.
Walker, 28, was named to the All-Star team for the third time Thursday; it was his first selection as a starter.
He's averaging a career-best 25 points this season along with 5.7 assists and 4.2 rebounds.
The Associated Press contributed to this report.