Raptors coach Dwane Casey made the announcement about an hour before Monday's game. Carroll has played in 23 games, averaging 11.7 points and 4.8 rebounds.
Casey said Carroll's knee was more swollen than usual after Sunday's game against Chicago, leading to the decision to sit him out. It's uncertain when Carroll, who has also dealt with a foot injury this season, will return. The Raptors visit Brooklyn on Wednesday.
Carroll scored 10 points in 24 minutes Sunday as Toronto fell to Chicago 115-113.