Olajuwon has had swelling in the knee since falling hard in a game against the Los Angeles Lakers Dec. 21.
After the Rockets' 114-99 victory at Dallas Saturday, Olajuwon returned to Houston for an MRI exam.
"There was no cartilage tear in the knee," Rockets spokesman Tim Frank said. "He'll rest for the next couple of days. When we get back in town, we'll see if he can practice."
The Rockets have road games at Minnesota Monday and Cleveland Tuesday.
Frank said it was too early to tell when the 37-year-old Olajuwon might return to the lineup.
"There's always concern, but at the moment, we'll try to see how they can treat it without surgery," Frank said. "Then we'll take it from there."
Olajuwon said the knee has been bothering him for some time.
"I'll take care of it and see what happens," he said. "The last couple of games, I've had no lift."
Olajuwon sat out the fourth quarter of Saturday's game because of his knee. He played 15 minutes, scoring eight points.
Last season, Olajuwon was limited to 44 games, averaging a career-low 10.3 points as he was slowed by a hernia and asthma.
This was supposed to be Olajuwon's final NBA season, but the league's all-time leading shot-blocker has said he wants to leave open the possibility for returning next season.
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