Ronnie Price is expected to get the start in Nash's place.
Grizzlies center Marc Gasol put a knee into Nash's left thigh while setting a screen on the final play of Saturday night's 86-84 Suns' victory over Memphis.
This bruise comes on the heels of another quadriceps bruise earlier this season.
Nash is currently playing the fewest minutes per game (31.5) in 12 NBA seasons. He is averaging 14.3 points and a league-best 9.9 assists per game and he scored 21 in that game against Memphis before coming out.
By not playing, he'll miss the chance to face-off against Mark Cuban and his former team. He'll also have to wait a little longer to to break Kevin Johnson's career franchise assists record. Nash needs seven assists to break the record.
For more on Nash and Phoenix, visit Bright Side of the Sun.