Wade underwent an MRI exam after sustaining the injury in the fourth quarter of Wednesday's 98-91 loss to the Memphis Grizzlies. The results of the MRI showed a sprain in addition to a small fracture in the elbow.
A 12-time All-Star and three-time NBA champion, Wade said he sustained the injury when his elbow was caught awkwardly while battling Zach Randolph and others for a rebound.
The injury comes at a pivotal time for the Bulls (32-36), who reside a game behind the Detroit Pistons (33-35) and Wade's former team -- the Miami Heat (33-35) -- for the final playoff spot in the Eastern Conference.
Wade, 35, is averaging 18.6 points, 4.5 assists and 3.9 rebounds this season after signing a two-year, $47.5 million deal over the summer.
In 855 regular-season games with the Heat, Wade averaged 23.7 points and shot 48.8 percent. He averaged 19 points in 74 games last season after missing a combined 48 contests due to various injuries the previous two seasons.