The All-Star suffered the injury during the third quarter of the Raptors' 106-102 loss to the Dallas Mavericks on Friday.
Tests revealed the injury, with the Raptors saying "there is no timetable for his return to basketball activity".
DeRozan has averaged 19.4 points, 4.2 rebounds and 2.6 assists this season, helping the Raptors to a 13-3 win-loss record.
The Raptors are top of the Eastern Conference and face the struggling Los Angeles Lakers on Sunday.
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