Vanderbilt coach Kevin Stallings subsequently confirmed the report.
He added that Dai-Jon Paker also will not return to the Commodores program.
"It is a privilege to be a Vanderbilt basketball player and with that privilege comes a high level of responsibility -- both on and off the playing floor," Stallings said. "Unfortunately, the standards that were clearly set forth in both cases were not met and led to this decision."
Sources told CBSSports.com that Memphis is a possible, if not the probable, destination for Johnson -- a 6-foot-4 guard who led Vandy in scoring during the 2012-13 season while averaging 13.5 points, 3.6 assists and 3.5 rebounds per game. Memphis has an available scholarship thanks to Thursday's transfer of Dominic Woodson.
Vanderbilt suspended Johnson "as a student" in July 2013 because of what Johnson later described as a "mistake" he made that was the result of "some very poor judgement." The initial plan was for Johnson to serve his suspension, then enroll again at Vanderbilt. But that plan has changed, and sources told CBSSports.com that Johnson has essentially been on the market for the past 10 days. Whether he might be eligible to play immediately at a new school remains unclear. Johnson could have two years of eligibility remaining.
Parker announced on Twitter late Friday that he's enrolling at Indianapolis.
That's a Division II program.