Carroll will continue to practice with the team, the school said.
Carroll, a 6-foot-6 guard, averaged 17.5 points and 6.6 rebounds last season. He is the Big 12's leading returning scorer, the Cowboys' leading returning rebounder and a preseason All-Big 12 selection.
Oklahoma State was one of the schools impacted by the FBI investigation into bribery and corruption in college basketball. The Cowboys fired assistant coach Lamont Evans following his arrest. He allegedly solicited $22,000 from two financial advisers to steer two players to them.
Oklahoma State, under first-year coach Mike Boynton, opens its season Friday night against Pepperdine.