Acquired via trade from the Detroit Pistons in February, Rose's performance level has been up and down since his return to New York. He's averaging 15.1 points and 4.3 assists while getting 26.9 minutes per game under coach Tom Thibodeau.
The Knicks have been one of the NBA's biggest surprises this season, sitting at 38-31 (sixth place in the Eastern Conference).
They are currently jockeying for playoff positioning and the No. 4 seed with the Atlanta Hawks (39-31) and Miami Heat (38-31), so Rose's absence will be felt as they look to avoid a potential first-round matchup with the Brooklyn Nets or Milwaukee Bucks.
The team announced that Reggie Bullock, Alec Burks and Immanuel Quickley will be available for Thursday's contest, however, while Elfrid Payton will see a bigger role with Rose out of the lineup.