The team listed no timetable for Conley's return, and indicated an update would be provided in approximately two weeks.
Conley, who missed Wednesday's game against the Indiana Pacers, will undergo therapy and treatment in hopes of diminishing the soreness.
The 11-year veteran is averaging 17.1 points and 4.1 assists in 12 games this season.
Memphis has dropped six of its last eight games.
Conley averaged a career-best 20.5 points last season.