Young was injured in the first quarter of Tuesday night's 105-88 loss to the New Orleans Pelicans at the Smoothie King Center and did not return. He underwent an MRI exam in Chicago, where the Lakers were playing the Bulls on Wednesday night.
The 31-year-old Young fell to the floor after trying to prevent a breakaway layup by Pelicans guard Tim Frazier, then hobbled to the area in front of the scorer's table. Young lay on his back as a timeout was called and medical personnel attended to him before teammates carried him off.
Young left the arena wearing a boot on his right foot but did not use crutches.
"It will be tough," Lakers coach Luke Walton said after Tuesday's loss about possibility of losing Young. "Without breaking up that second unit -- the filling in the shooting guard spot while D'Angelo (Russell) is already hurt -- we'll have to get creative."
Young, a 10-year veteran in his fourth season with the Lakers, started all 18 games in which he played this campaign, averaging 13.3 points and a career-high 41.8 percent on 3-pointers.