Bagley underwent an MRI on Thursday after hurting the knee the previous night. The Kings say he will be re-evaluated in one to two weeks.
Bagley is averaging 13.9 points and 7.2 rebounds per game this season.
Sacramento also signed swingman Corey Brewer for the remainder of the season. Brewer has scored 25 points in three games for the Kings during two 10-day contracts.