Olukemi appeared in 13 games last season before suffering a season-ending torn anterior-cruciate ligament.
He is a junior college transfer who sat out the 2009-10 season as a red shirt. In the 2010-11 season he averaged 11.1 points and 4.1 rebounds a game. He averaged 9.4 points and 4.8 rebounds before his injury last season.
"We would like to thank the NCAA for its due diligence in this matter," Oklahoma State Coach Travis Ford said. "Looking out for the student-athlete and their best interest should be what's most important, and it certainly showed in this decision."
Oklahoma State opens its 2012-13 season Nov. 9 against California-Davis.