Wade, who turns 36 next month, is averaging 11.5 points, 3.6 rebounds and 3.9 assists this season playing primarily as the Cavs' backup point guard and leader of the bench unit.
He ranks ninth among all NBA reserves in scoring average.
Lue said he would look to LeBron James to play point guard with the second unit in Wade's absence.
Love missed the Cavs' 105-98 win over Philadelphia on Saturday.
Thompson has missed the Cavs' past 19 games.
- Cavaliers' Wade out against Hawks because of sore kneeWHIO
- LeBron James' message to Tristan Thompson with his injury return comingGkMen
- Dwyane Wade out vs. Hawks Due to Knee Injury; Kevin Love, Tristan Thompson BackBleacher Report
- Dwyane Wade out against Hawks247Sports
- Kevin Love, Tristan Thompson questionable to play against Atlantacleveland.com
- Thompson Returns Vs. Hawks; Wade OutCBS Cleveland
- Cleveland Cavaliers' Dwyane Wade out for Tuesday because of sore kneeNBA.com
- Cavaliers notebook: Dwyane Wade misses second game of season with left knee issueAkron Beacon Journal
- James scores 25 has 17 assists, as Cavs beat Hawks 123-114West Plains Daily Quill