Irving felt a pop when he went down on a drive to the basket in the third quarter. He had to be helped to the locker room but later returned to the game.
An exam on Wednesday at Cleveland Clinic Sports Health by team physician Dr. Richard Parker determined the injury was nothing more serious than a contusion.
The All-Star is averaging a career-high 22.6 points and 6.1 assists per game this season.
Irving's status also is impacting the possible trade of center Andrew Bynum to the Los Angeles Lakers in exchange for Pau Gasol, according to an ESPN report.
It is believed the Cavaliers would be less likely to make a deal if Irving's injury caused him to miss significant playing time, which would significantly hurt Cleveland's playoff chances. The Cavs have lost six straight games.
ESPN reported that the Lakers are seeking other assets from Cavaliers before making a deal.
The Cavs also have discussed a possible Bynum trade with the Chicago Bulls for forward Luol Deng, which would be a cost-savings move for the Bulls.
Cleveland suspended Bynum, in his first year with the Cavs after sitting out last season with the Philadelphia 76ers because of a knee injury, for conduct detrimental to the team.
He is averaging 8.4 points and 5.3 rebounds in 24 games.
Gasol is averaging 14.7 points and 9.4 rebounds this season for the Lakers. He is making $19 million in 2013-14 in the final year of his contract.
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The Lakers have announced that guard Jordan Farmar will miss a minimum of four weeks after sustaining a torn left hamstring.
The injury was diagnosed after an ultrasound and an examination by Dr. Luga Podesta on Wednesday. Farmar, 27, was hurt in Tuesday's game against the Milwaukee Bucks.
The tear is not in the same location in his left hamstring as a similar injury he suffered on December 1 that caused him to miss 3 1/2 weeks (10 games).
Farmar's injury leaves the Lakers with Kendall Marshall as their only healthy point guard. Guards Nick Young and Jodie Meeks also will help at the point during Farmar's absence.
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The Atlanta Hawks have assigned guard Jared Cunningham to the Bakersfield Jam of the NBA's Development League.
Cunningham was recalled from the Jam just three days ago on Dec. 29. He had averaged 18.1 points, 5.4 assists, 4.5 rebounds and 1.0 steals in 33.1 minutes in eight games (all starts) with the Jam this season.