The news was first reported by Rivals.
McCoy, the No. 27-ranked football prospect in the 2019 class out of Mater Dei High School (Santa Ana, California), signed with USC in the early signing period on Dec. 19.
McCoy, who is coveted as a receiver but also played linebacker in high school, didn't make his commitment public until Jan. 5 at the U.S. Army All-America Game, but he had been signed for those few weeks.
Only days after McCoy made his choice known, USC offensive coordinator Kliff Kingsbury left to take the head-coaching job with the Arizona Cardinals. USC has not yet named a replacement for Kingsbury.
McCoy enrolled early and already has started classes on campus, so he would need to be released from the national letter of intent that he signed in December to transfer to another school.
If he does transfer, McCoy would have to sit out the 2019 season and would be eligible to play in 2020.
In order to gain a release if USC does not release him, according to the national letter of intent, extenuating circumstances must be presented in any appeal to the NLI Appeals Committee as grounds for a complete release. The committee determines extenuating circumstances in a case-by-case scenario and would need to determine if Kingsbury leaving is enough to release McCoy from his signed document.
One source told ESPN that if McCoy does transfer, Texas is a strong possibility as a landing spot. McCoy also built a relationship with new Tennessee offensive coordinator Tee Martin, who was previously on staff at USC.