Coach Jamie Dixon announced Thursday morning that the oft-injured junior is out for the rest of the season and won't return to the program.
"After talking with Jaylen, it's been determined that he will not play this season or in the future at TCU," Dixon said. "We want to thank Jaylen for all his contributions to the program and wish him all the best in the future."
A source confirmed to ESPN that Fisher will indeed transfer out of the program after the season. He will remain enrolled at TCU and continue to rehabilitate his injured knee.
Fisher played in 61 games over three seasons at TCU, averaging 10.9 points and 4.2 assists while shooting 40.9 percent from 3-point range. His sophomore season lasted just 17 games a year ago, before he tore his right meniscus last January. Fisher underwent another right knee surgery in September. He's played in nine games this season but has been sidelined since the start of Big 12 play.
TCU (13-3, 2-2 Big 12) travels to Kansas State on Saturday.