Mitchell underwent an MRI, which revealed no structural damage, sources told ESPN's Adrian Wojnarowski.
Veteran Mike Conley will likely take over the primary playmaking duties during the All-Star guard's absence.
Mitchell is having the best season of his young career, averaging career highs in points (26.4 per game), assists (5.2), and 3-point shooting (38.6%) over 53 appearances in 2020-21.
Mitchell also ranks sixth in the Association in 3-point field goals, ninth in scoring, and 12th in free-throw attempts.
The 24-year-old has been on a tear since the All-Star break, averaging 29.6 points on 46.7% shooting over his last 19 games. That's the highest scoring output by a Jazz player since Karl Malone poured in 30.5 points per contest after the break in 1990-91, according to ESPN Stats & Info.
Mitchell also registered three 40-point games in April, including a pair of 42-point performances over the last week.
Utah (42-14) owns the NBA's top record. The team sits 1.5 games up on the Phoenix Suns for the No. 1 seed in the West.