Gibbs retained the option to withdraw from the draft per NCAA rules, as he did not sign with an agent. The early-entry withdrawal deadline is Sunday.
"We encouraged and supported Ashton in his pursuit of NBA draft possibilities," Dixon said. "Ashton and I had numerous discussions dating back to last year and during the process. Anytime you are an All-Big East first team player, the professional field is something we encourage our players to look into."
In 2010-11, Gibbs averaged 16.8 points and hit 102 3-pointers, as the Panthers won the Big East regular-season title.
"The NBA can wait a year," Gibbs said. "I look forward to continuing the success that we've established here at Pitt and finish my collegiate career with all of my teammates. It will also be extra special to earn my degree."