Conley, who has a chance to make the All-Star game as a Western Conference reserve, was replaced in the starting lineup Tuesday night by Beno Udrih.
The eighth-year guard injured his wrist in the first half of Monday's 103-94 victory over the Magic. He didn't play in the fourth quarter.
Conley is averaging a career-high 17.4 points per game for the Southwest Division-leading Grizzlies. He missed two games earlier this month because of injuries to both ankles.