The release is expected to be finalized Wednesday, after which Moore is free to seek out a new school.
A 6-foot-2, 180-pound guard out of Long Beach Poly, Moore averaged 4.3 points and 1.5 assists in about 25 minutes per game for USC last season, putting up double-digit points five times. He started 18 of the Trojans' 32 games in the backcourt and played in all 32.
He was slated to be USC's backup point guard behind senior Jio Fontan as a freshman but was thrust into a larger role when Fontan tore his ACL on an exhibition trip to Brazil last August.
Moore becomes the second Trojan who started the majority of 2011-2012 games to transfer after sophomore forward Garrett Jackson, who received his release last week.
USC also has freed up two necessary scholarships for Class of 2012 signees J.T. Terrell and Strahinja Gavrilovic.
Pedro Moura covers USC for ESPNLosAngeles.com.