Granger felt a "sharp pain" in his knee when he attempted a layup against Chicago on Friday, according to the Indianapolis Star's Mike Wells.
Granger, 28, played in just two games this preseason. In 22 minutes against Chicago on Friday, Granger scored 10 points, hauled in two rebounds and notched two assists. He scored nine points in 12 minutes against Cleveland on Oct. 23.
The seventh-year veteran out of New Mexico played in 62 games with the Pacers last season. He averaged 18.7 points and 5 rebounds per game.
In 510 games with the Pacers, Granger has averaged 18.2 points per game and 5.2 rebounds per game.
The Pacers are coming off a 42-24 campaign last season. They finished second in the Central Division. Granger led the team in scoring and minutes per game.