Giddens, who suffered a knife wound outside a Lawrence, Kan., bar last month, has not yet decided where he wants to go.
Head basketball coach Bill Self issued a statement saying the weeks since the May 19 incident have been an emotional time and everyone involved came "to the conclusion that a fresh start for both parties would be best. We certainly appreciate his efforts the last two years and wish him the best in his future."
In his sophomore season, Giddens was the Jayhawks' third-leading scorer and would have been the team's leading returning scorer.
"With everything that has transpired with this situation, coach and I are in total agreement that a fresh start would be best for Kansas and me," Giddens stated. "I'm sorry for what has transpired."