Woods, who was suspended last month by Wake Forest coach Jeff Bzdelik after his arrest on assault charges, recently received his release from the Demon Deacons.
Woods plead guilty to misdemeanor assault on a female, his girlfriend, last month as part of a plea agreement deal. Woods was given a 60-day suspended jail sentence, and was ordered to do 100 hours community service, participate in anger management classes, pay a $100 fine and screened for drug and alcohol abuse.
"I would like to make it known that I am deeply sorry, and I regret what happened," Woods said in Forsyth District Court. "I responded poorly to the situation."
Woods played two seasons for Wake Forest and was expected to start at center this season for Bzdelik's program.
"We wish Tony the best of luck in all his future endeavors," Bzdelik said. "Tony and I met a number of times and we felt this was the best course of action for him."
Now, Woods, 6'11, 250, is looking for a new school. Louisville, Norman Parker, Woods' AAU coach, told FoxSports.com college basketball analyst Jeff Goodman, is a possibility.
While there are serious 'character' issues stemming from his arrest last month, Woods is definitely a talent on the court.
A former Top 50 Scout.com prospect, Woods was one of the stars of Wake Forest's 2008 recruiting haul, which ranked as the No. 2 recruiting class nationally.
Woods played in all 31 games at Wake Forest last season, helping lead the Deacons to the second round of the NCAA Tournament. He averaged 4.6 points and 3.2 rebounds for a 20-11 team.
"There are some character questions about Tony Woods, but he's better than any available high school big man at the moment," Jeff Goodman said.
If Woods transfers to Louisville, he would have to sit out the 2010-11 season. He then would have two years of remaining eligibility starting with the 2011-12 season.