Octeus will be a graduate transfer with immediate elibility in 2014-2015.
Octeus started for the Rams last season, averaging 13.4 points, 4.7 rebounds and 2.3 assists while shooting 35% from three. He played 33.6 minutes per game.
UCLA's backcourt for 2014-2015 is particularly thin, being hit by the decisions of Kyle Anderson, Zach LaVine and Jordan Adams to leave early for the NBA.
Adding Octeus, at the very least, would give UCLA another player to go along with just three returning backcourt players -- Bryce Alford, Norman Powell and Isaac Hamilton.
Octeus, a combo guard for the Rams, announced Monday he wouldn't be returning to Colorado State. The reason for his departure is uncertain.
He told the Coloradoan: "This was not an easy decision, but upon graduating, I have decided it is in my best interest to explore the opportunity to complete my last year of elibility at another institution."
It's uncertain what other schools would be potential options for Octeus.
Also, it's not yet certain Octeus would be admitted into UCLA as a graduate student.