Wiseman was held out of practice Friday and Saturday and will not play in either Santa Cruz Warriors G League games this weekend.
There is no clear timetable as to when he will be able to return to team activities.
"We will take a pause and see how the knee responds from there," Warriors coach Steve Kerr said.
Kerr says the team has not discussed the idea of shutting Wiseman down for the season, but with just 12 regular-season games to go, they are running out of time to get him on the court.
"We can't make a decision based on the schedule," Kerr said. "We can't make decisions based on the playoffs. Every decision should be made around James' career and his future."
Last month sources told ESPN that if Wiseman was healthy, he probably would not be a part of the Warriors' playoff rotation and that the focus would be on getting him ready to be a factor for them next season. His latest speed bump makes this mindset increasingly more likely.
Wiseman played in just three college games and 39 NBA games before tearing his meniscus last April. He had an initial repair surgery that month, but swelling slowed his progress in December, which required him to have a scope procedure.
The latest bout of swelling started a few days ago, and was brought to the team's attention ahead of Friday's practice. That's when the training staff decided it would be best to hold him from basketball activities.
"I feel terrible for James," Kerr said. "I will just keep going back to the fact that he's 20 years old. He's got his whole future ahead. We just have to be really, really cautious. We have to do what is best for him long term."