The injury has prevented the 39-year-old -- signed by the Rockets as a free agent in the offseason to help back up Dwight Howard -- from practicing during training camp.
Camby is undergoing therapy and treatment on the foot in hopes of avoiding surgery.
Injuries have plagued the well-traveled Camby the past few years. Last season, he was limited to 24 games with the New York Knicks.
The Los Angeles Lakers waived centers Eric Boateng and Dan Gadzuric to reduce their roster to 17 players.
The 6-foot-11 Gadzuric, a 10-year NBA veteran who was drafted 34th overall by Milwaukee in 2002, played for Marinos de Anzoátegui in Venezuela last season, averaging 10.1 points and 6.3 rebounds in 30 games.
The 6-10 Boateng, a free agent, spent the past three seasons playing in the NBA's Development League and in Greece and Germany. He played college basketball at Duke and Arizona State. The London-born Boateng is also a member of England's national team.