Saluki head coach Barry Hinson on Monday didn't give a reason for the action.
Olaniyan, a 6-foot-7, 220-pound native of Lagos, Nigeria, started 26 games for the Salukis last season. He averaged 7.8 points, shooting .566 from the field, and 8.1 rebounds per game last season. He led the team with 254 rebounds.
Olaniyan, a fifth-year senior, was suspended for three games early in the season for a violation of team rules.