Coach Mike London made the announcement Monday. He says it's in Nicholson's best interests not to play.
The junior who has started 30 games in his career was injured in the third quarter of the Cavaliers' loss to Ball State on Oct. 5.
London says the injury will not require surgery, but that Nicholson is likely to wear a protective boot for several weeks.
The Cavaliers will try to end a six-game slide when they play at North Carolina on Saturday.