"We are obviously disappointed in the poor decisions that Ty has made, but we are thankful that he will be able to complete his senior year, graduate from Wake Forest in the spring and also contribute to our basketball team this season," said head coach Jeff Bzdelik.
Walker was suspended from the team indefinitely on July 11 for a violation of departmental rules.
"I want to apologize to my teammates, coaches and all of the Wake Forest fans," said Walker. "I regret my actions, and I am looking forward to putting this behind me and completing my senior year at Wake Forest. I intend to work my hardest in practice this fall to earn my way back into the lineup and help make this a great season for Demon Deacon basketball."
Walker saw action in all 32 games with nine starts in 2010-11. The 7-0 center averaged 3.6 points, 3.5 rebounds and 2.5 blocks per game.