He was running as the fourth-team quarterback as early as this week, his reps in practice drastically reduced. In the team's second full-contact scrimmage Saturday, Stanley was a mere 1 of 6 for 57 yards, with one touchdown and one interception. He was 3 of 11 for 11 yards a week prior.
"We wish him the best and are going to help him find a new school. I appreciate all he has done for Ole Miss and the type of student-athlete he has been."
Stanley opened the 2010-11 season as Ole Miss' starting quarterback, but ultimately gave way to Masoli in the second game at Tulane. Masoli started the remaining 11 games.
Stanley appeared in four games total, completing 17 passes in 32 attempts with three touchdowns and one interception.
Stanley considered transferring following the conclusion of last season, but instead decided to stay.
"At the time, I was frustrated and didn't understand why that was happening to me. But I'm glad I didn't leave," he said in March. "I made the right choice by staying."
Stanley signed with Ole Miss in the recruiting class of 2008.
A three-star prospect, he was rated the No. 61 quarterback in the country, according to Scout.com. He totaled over 5,000 yards with 70 touchdowns for Sequoyah High School in Tahlequah, Okla. He held offers from, among others, Ole Miss, Kansas State, Maryland, Oklahoma State and Oregon State.