Davis attempted to limp off the court to the Lakers' locker room without assistance, but ESPN's broadcast cameras showed him collapsing to the ground in pain when making his way through the tunnel.
The Lakers conducted an MRI exam in Chicago on Saturday that revealed the sprain. Davis had missed only three of the Lakers' first 30 games due to injury this season.
Davis played in 62 games in his first season with the Lakers before they won their 17th championship in the Florida bubble. He then appeared in only 36 games last season while dogged by persistent injuries that ultimately prevented him from finishing the season in uniform.
Davis is averaging 23.3 points, 9.9 rebounds, 2.9 assists and 2.0 blocked shots per game this season.
Despite numerous injury problems and a current spate of COVID-19 woes, the Lakers (16-14) began the weekend in sixth place in the Western Conference. Avery Bradley, Talen Horton-Tucker, Dwight Howard, Malik Monk, Kendrick Nunn and Austin Reaves are all currently in the NBA's health and safety protocols.
Los Angeles is scheduled to play at Chicago on Sunday night.
The Associated Press contributed to this report.