Darnell Mayberry of The Athletic reported the news, noting Porter is dealing with a back injury.
Porter played six minutes in Friday's game against the Los Angeles Lakers before exiting with the injury.
The Georgetown product has appeared in 10 games this season and is averaging 12.8 points, 6.3 rebounds and 2.0 assists a night while shooting 43.8 percent from the field and 41.7 percent from three-point range.
Injuries have been an issue for Porter of late, and he played just 14 games in 2019-20 during his first full season with the Bulls. He also played 56 games during the 2018-19 campaign, splitting time between Chicago and the Washington Wizards.
When healthy, Porter gives the Bulls someone who can stretch the floor with his outside shooting and serve as something of a veteran leader for a team with plenty of young talent.
Fortunately for Chicago, it has other options to fill in on the wing while he is sidelined.
Zach LaVine will remain as a go-to option, while Patrick Williams, Garrett Temple and Denzel Valentine will likely see more playing time in head coach Billy Donovan's rotation.
Next up for the Bulls after Sunday's game is a Tuesday matchup with the Boston Celtics.