According to Larry Brooks of the New York Post, Dolan said the following with regard to Porzingis' timetable: "I've been told everything from December to him being out for the season, so I don't know what to expect on that. But we can't just sit on our ass while he's away. We need to develop a team and then integrate him into it when he comes back."
The 22-year-old Porzingis was limited to 48 games because of injuries in 2017-18, but he was highly productive in his third season when he played.
Porzingis averaged a career-high 22.7 points to go along with 6.6 rebounds and 2.4 blocks en route to being named an All-Star for the first time.
New York struggled as a whole and finished the season 11th in the Eastern Conference with a record of 29-53.
The Knicks have not reached the postseason since the 2012-13 campaign.
Dolan called Porzingis a "great player," but stressed the importance of building a strong supporting cast around him.
New York figures to have a high pick in the stacked 2018 NBA draft, which could go a long way toward ending the team's playoff drought in the near future.
The Knicks will also hope for the continued development of 2017 first-round pick Frank Ntilikina in addition to the likes of Trey Burke and Tim Hardaway Jr. taking on even more prominent roles.
Porzingis is among the fastest-rising stars in the NBA, and an entire season without him would be a major setback for a Knicks team that is starved for success.