Pippen was placed on the injured list on Dec. 16, after undergoing arthroscopic surgery on his left knee.
In his second stint with the Bulls, Pippen has appeared in just 12 games, starting in four. He is averaging 7.1 points, 3.4 rebounds and 2.9 assists. Pippen also underwent a similar procedure last March, when he was with the Portland Trail Blazers.
Pippen spent the past four seasons with Portland and missed an average of 19 games due to injury over the previous three campaigns.
One of the NBA's 50 Greatest Players, Pippen has averaged 16.2 points, 6.4 rebounds and 5.2 assists in 1,167 games. He is a seven-time All-Defensive Team member and seven-time All-Star, winning All-Star MVP honors in 1994.
The Bulls also placed forward Chris Jefferies on the injured list with a sprained left ankle. Jefferies, who was acquired on Dec. 1 in a six-player trade with the Toronto Raptors, is averaging 2.5 points in 12 games this season.