Conley has missed the last two games with left foot soreness and received an additional examination Friday that showed Achilles tendonitis. He will be re-evaluated in three to four weeks.
Conley has appeared in 56 games (all starts) this season for the Grizzlies, averaging 15.3 points, 2.9 rebounds, a team-high 6.1 assists and 1.20 steals in 31.4 minutes per game.
The Grizzlies also announced that center Chris Andersen is out indefinitely with a shoulder injury.
Andersen experienced a left shoulder subluxation and left the game on March 6 against Phoenix with 7:59 remaining in the second quarter. An additional examination and MRI confirmed the injury. He will continue to be re-evaluated, the team said.
Andersen has appeared in nine games (four starts) this season, averaging 4.0 points and 4.7 rebounds in 16.9 minutes. He was acquired by Memphis from Miami in a three-team trade on Feb. 16.
The Grizzlies already are without center Marc Gasol, who will miss the rest of the season with a broken foot. Backup point guard Mario Chalmers was waived Thursday after suffering a season-ending Achilles injury.