LaVine will be reevaluated early next week, the team said. LaVine did not travel with the team for its game Saturday night in Boston, and he will begin targeted therapy on his knee before the Bulls can offer a more definitive timeline.
"Well, obviously very optimistic and very grateful that it wasn't something more," Bulls coach Billy Donovan said. "That's why they wanted to do the MRI, so he'll continue to get therapy and we'll re-evaluate him after a period of time. I don't think it's something that's long-term, which is a good thing. So the biggest thing is how does he respond to therapy, treatment, those kinds of things.
"I think once they see how he responds to the therapy there will be a clearer view of when a return date will be possible."
LaVine landed awkwardly while grabbing an offensive rebound during the first quarter of Friday's game against the Golden State Warriors. He took an intentional foul on the next play before taking himself out of the game.
The Bulls were optimistic after Friday's game that LaVine had avoided a major injury, but wanted to proceed with caution considering LaVine tore the ACL in the same knee in 2017 while playing for the Timberwolves.
In 38 games for Chicago this season, LaVine is averaging 24.9 points, 4.8 rebounds and 4.2 assists while shooting 49% from the field.
In addition to LaVine, the Bulls will also be without Lonzo Ball on Saturday night as he is experiencing left knee soreness.
"(Saturday) morning when we met he still had some soreness in that joint and just wanted to rest him and have him sit out," Donovan said. "I don't want to say day-to-day ... when I say day-to-day, it's not like this game, and he's back for Memphis. I think right now for the Memphis game he would be doubtful until he goes through treatment and therapy and see how he feels and if the soreness subsides and how quickly it subsides."
ESPN's Tim Bontemps contributed to this report.