Cyclones coach Fred Hoiberg says Gibson intends to transfer to another school following the end of the spring semester.
Gibson, a 6-foot-9 native of Detroit, played in just 14 games for Iowa State last season despite the team's occasional struggles inside.
"I'd like to thank Coach Hoiberg and the rest of the coaches for the opportunity to play at Iowa State," Gibson said. "I will take with me the memories and friendships created with my teammates. I also want to thank Iowa State's fans for their support the last three years."
The Cyclones also gave post player Daniel Edozie playing time over Gibson after forward Georges Niang broke his foot in the opening round of the NCAA tournament.
Iowa State will add promising junior college transfer Jameel McKay next season, a move that likely would have further cut into Gibson's playing time.
Gibson's departure will free up an extra scholarship for the Cyclones to use next season.
One has to wonder where Gibson will land. He was a high major prospect coming out of high school. Will he transfer closer to home or will he try and land at another major conference program? Gibson does have the skills to flourish in the right situation.