Team medical director Dr. Tim Kremchek examined Lorenzen on Tuesday, and the elbow was looked at via an ultrasound test. An MRI was not taken.
• Reds Spring Training information
Lorenzen believes he could have pitched through the issue during the regular season, but he wanted to be proactive.
"Everything checked out fine, which was good news," Lorenzen said. "I just wanted to catch it now rather than struggle with something during the season. I'll be back in a couple of days. They're taking really good care of me. I usually stay out of the training room as much as possible."
The exam revealed inflammation, according to Price.
"Which happens in the spring every now and again to some of the guys. Really at this point, no major concern," Price said. "We're going to give him a couple days off and then get him back on the beam."
Lorenzen is one of several candidates vying for three open rotation spots on the Reds. He worked two perfect innings with two strikeouts on Friday vs. the Giants. Melville is also in contention, along with Jon Moscot, Brandon Finnegan, Robert Stephenson and Cody Reed.
Price first heard about the issue from Lorenzen on Monday, but the elbow had been bothering the right-hander since the early portion of camp.
"It's just been fatigued for a couple of weeks now," Lorenzen said. "My velocity is up. I was 97-99 mph the last start. My velo is good, everything is good. It's just been sore. It hasn't gotten any better."
Lorenzen, 24, was 4-9 with a 5.40 ERA and 1.66 WHIP in 27 games during his rookie season in 2015, including 21 starts. Not only is he a candidate for the rotation, but he could be part of the mix in the bullpen if he doesn't make the club as a starter.
Mark Sheldon is a reporter for MLB.com. Read his blog, Mark My Word, follow him on Twitter @m_sheldon and Facebook and listen to his podcast. This story was not subject to the approval of Major League Baseball or its clubs.