Coach Dwane Casey made the announcement before the Raptors hosted New Orleans on Tuesday night. DeRozan also will sit out Wednesday night in Boston.
The 27-year-old DeRozan is sixth in the NBA in scoring, averaging 27.8 points per game.
DeRozan recently was voted to start the All-Star Game for the Eastern Conference next month.
DeRozan missed three games last week because of the sprain, which occurred on Jan. 22 against Phoenix when he landed on the foot of teammate Jonas Valanciunas. DeRozan returned to action Sunday and played 36 minutes, and there was swelling after that loss to Orlando.