Roy has already missed nine games this season, most of them due to his aching knees.
"Unfortunately, Brandon Roy's condition has not significantly improved and we've decided to hold him out indefinitely," General Manager Rich Cho said.
"In the short term, we're going to proceed with an extended period of rest. Beyond that, we're looking at all available treatment options to help better determine a course of action."
Roy has played in 26 games this season with an average of 16.6 points and three rebounds.
Swim Week Miami Beach 2014 [PHOTOS]