Michael Lee of the Washington Post reports (via blog):

Gilbert Arenas will miss first two regular season games

Gilbert Arenas will miss at least the first two games of the regular season because of a strained tendon in his right ankle. Arenas missed his fourth straight practice on Wednesday and walked around the RDV Sports Complex in Orlando while wearing a protective boot.

Coach Flip Saunders said that Arenas will be re-evaluated, but ruled him out for the season opener on Thursday against the Magic and on Saturday against the Atlanta Hawks. After practice, Arenas huddled with Saunders and President Ernie Grunfeld for a few minutes.

“He’s going to have a doctor look at it again,” Saunders said. “So he wont be here for these two. We’ll evaluate him and hopefully these days in the boot will let that [heal]. Right now the tendon’s inflamed, we’ve got to get that thing to settle down. Once it settles down and some of that fluid gets out, he’s probably going to have a better chance of playing. That’s at least what the medical staff tells me.”