"I was at peace about whatever news I was going to get," Lorenzen said. "So, yeah, it's good news because I get to help out the Reds this year."
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Lorenzen will be re-evaluated by team doctor Timothy Kremchek on Thursday and likely will be shut down for at least a week.
"I don't know how long it takes to treat this," Lorenzen said. "I just know there's no tears and that's awesome."
Lorenzen was considered a good candidate to fill one of the Reds' three open spots in the rotation or one of several others in the bullpen. He struck out two in two innings on March 4, his only appearance this spring.
"It's disappointing in the sense it's going to be very difficult to get him ready to start the season active in our rotation," Price said. "It always hurts when you have a guy you're really looking forward to seeing pitch be unable to pitch for periods of time.
"So it's disappointing. But with some of the news we've got here the past few years, the news isn't terrible because it's not an ulnar collateral ligament tear that would have to be treated with surgery. We're optimistic he'll take some time off, get the inflammation, the tendinitis out of there, and then get after it again."
Lorenzen said he felt pain in the elbow for a couple of weeks and it wasn't getting any better. He was scratched from his scheduled start on March 9. After Lorenzen tried to play catch on Sunday and couldn't, he underwent an ultrasound.
"This pain didn't seem like it was worth it to be a Spring Training All-Star to get through this pain," Lorenzen said. "I was being smart about it. I'd rather take a couple weeks off during Spring Training than miss time during the [regular] season."
Chris Gabel is a contributor to MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.