The move is retroactive to May 3. Price lands on the shelf due to left elbow tendinitis. Boston selected right-handed relief pitcher Ryan Weber from Triple-A Pawtucket in a corresponding transaction.
Price allowed three runs and seven hits in six innings in his last start on Thursday. He has a 3.75 ERA and a 1-2 record in six starts so far this season. The five-time All-Star, two-time ERA titleholder and 2012 Cy Young Award winner was 16-7 with a 3.58 ERA in 30 starts last season.
He starred in the World Series, posting a 2-0 record and a 1.98 ERA in three appearances for the world champions.
Price hasn't been on the injured list since 2017, when he also missed time due to left elbow issues.
The Red Sox (17-18) sit in third place in the American League East following a 3-1 series win against the Chicago White Sox. Boston travels for a divisional series against the Baltimore Orioles, starting at 7:05 p.m. on Monday at Oriole Park at Camden Yards in Baltimore.