VanVleet has a partial ligament injury and will wear a splint for approximately three weeks before it is re-evaluated.
He suffered the injury in the second quarter of Saturday's win in New York.
VanVleet is averaging 10.5 points, 4.6 assists and 2.7 rebounds. He averages 26.8 minutes off the bench.
This is expected to make the addition of Jeremy Lin more impactful for Toronto, as he'll immediately step into a key role.