Houston General Manager Daryl Morey said McGrady, who had off-season surgery, had been "fighting through" the injury to help the team.
"Coach (Rick) Adelman and I felt that it was in his best interest to take these two weeks to get himself physically prepared for the second-half of the season," Morey said.
McGrady, 29, has missed 11 games for Houston this season and has been in and out of the lineup the past month with strained tendons, tendinitis and a bone bruise in the knee.
A seven-time All-Star is averaging 15.4 points and 4.6 rebounds this season, down from career averages of 22.1 and 6.1. He is averaging 5.0 assists per game.