"This is not a season-ending injury," Felton told reporters in Phoenix, according to Newsday. "It's something that will last four to six weeks at the most."
Felton broke his right pinkie finger in the third quarter of the Knicks' loss to the Lakers on Christmas Day when he and Steve Nash dived for a loose ball.
X-rays on Felton's right fifth finger revealed the fracture. Felton won't be accompanying the team to Sacramento for their Friday night game against the Kings.
He returned to New York to consult with a hand specialist Thursday where it was determined that surgery will not be needed, but he will wear a splint to stabilize his finger.
Wednesday's game against the Suns was Felton's first missed game of the season. Jason Kidd started in Felton's absence and scored 23 points with eight assists and six rebounds in 31 minutes. The 39-year-old veteran made 5 of his 8 3-point attempts.
The Knicks improved to 21-8 with their 99-97 victory at Phoenix.
"We just have to go back and assess it and see where we are and go from there, but again, like I said, injuries occur," Knicks coach Mike Woodson said. "Key guys get banged up here and there, and we have enough guys on our team that guys just got to step up and play until guys get back. That's how it's got to be."
Felton, 28, is averaging 15.8 points (second on the team) and leads the Knicks with 6.3 assists per game.
Information from ESPNNewYork.com's Jared Zwerling was used in this report.