Surgery will not be required, the team said.
Valanciunas had put up a career-best streak of six consecutive double-doubles before injuring the ankle going for a rebound with 6:16 left in the third quarter. He had to be helped by teammates as he hopped off the court.
The 7-footer was acquired from the Toronto Raptors on Feb. 7. He started 17 of his 19 appearances for the Grizzlies and averaged 19.9 points, 10.7 rebounds and 1.58 blocks in 27.7 minutes of play.
He finishes the season with averages of 15.6 points, 8.6 rebounds, and 1.08 blocks.