Sanders, who has a team-best 464 yards on 107 carries with three touchdowns, sat out most of the first half of last week's 59-17 loss at Georgia in what the coach said afterward was for disciplinary reasons. Stoops said he received more information Monday morning, leading to the latest punishment, though he didn't say what rules the running back broke.
Sanders' participation in Saturday's senior day activities will be determined Tuesday.
Sanders' absence will likely mean more carries for freshman Jojo Kemp, just behind Sanders with 460 yards rushing on 95 attempts with three TDs for Kentucky (2-9, 0-7 SEC).
Stoops called the situation "very disappointing" during his weekly news conference, adding, "I've sat in here and bragged on him throughout the year. That doesn't change my opinion of Raymond. I think he's a good person. I am disappointed in a few decisions that he made, but he's a good person. ...
"He's not kicked off the team or anything like that. He just can't play in this game."
The Wildcats will face the Volunteers (4-7, 1-6) with freshman defensive end Jason Hatcher and cornerback Cody Quinn back from one-game suspensions. Junior wide receiver Demarco Robinson remains suspended indefinitely, though Stoops said he can return next season by meeting certain requirements.