The injury occurred with 2:03 remaining in the fourth quarter, when Grizzlies center Marc Gasol fell into Cousins' ankle while diving for a loose ball.
Cousins, who was recently named to his second All-Star Game, had to be helped off the court and seemed unable to put weight on the foot. X-rays on the ankle were negative, according to the team. He's considered day-to-day.
Cousins, 25, was injured earlier in the game -- midway through the second quarter -- and limped to the locker room, but he returned to the floor to open the second half.
"There wasn't any hesitance," Cousins said. "Once the pain kind of went away, we wrapped it up a little tighter and I tried to play through it."
The Kings' big man is in the midst of a career season. He entered play Saturday averaging a career-high 27.2 points per game to go with 11.2 rebounds. He finished with 17 points and 14 boards before exiting with Sacramento trailing 114-106.
Information from The Associated Press was used in this report.