Stoudemire will not need surgery on the injured knee and will miss two to three weeks.
The injury was initially detected as soreness in Stoudemire's knee and an MRI revealed a ruptured popliteal cyst, which can be healed through rest rather than surgery.
The 6-foot-11 power forward is entering his 11th season in the NBA and his third in New York after leaving Phoenix to join the Knicks as a free agent in 2010. Last season, Soutdemire averaged 17.5 points and 7.9 rebound per game in the 47 games he appeared in.
The Knicks' next action is Monday, Oct. 22, against the Philadelphia 76ers. New York has two more preseason games before the regular season gets under way Thursday, Nov. 1. The Knicks open the 2012-13 regular season with a New York showdown against the Brooklyn Nets at the newly opened Barclays Center.