The Lawrence Journal-World reported that Lee, a 6-3 junior from Portland, Ore., sustained the injury while running through a screen. He will not need surgery.
"This is a big blow to our team," said Coach Bill Self. "Mike has done so well lately. We will miss his ability on the court greatly, but we might miss his experience and leadership even more. Now our young guys will have to step up and try to replace him, and we will all be looking forward to getting him back."
Lee, the Jawyhawks' shooting guard, started each of their first two games. He is averaging 6.5 points and 3.0 rebounds per game in 25.5 minutes.
Self told the paper that J.R. Giddens, Jeremy Case, Jeff Hawkins, and Bryant Nash would have to step up to fill the void.