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He was suspended amid "an ongoing investigation into an alleged violation of NCAA rules," according to the school.
Bruce Feldman of Fox Sports is hearing that the suspension is related to benefits received from memorabilia brokers who used Gurley's likeness.
Gurley was considered the frontrunner to win this year's Heisman Trophy, finishing first in ESPN's most-recent "experts' poll." He received nine of the ten first-place votes.
Gurley is also the top-ranked running back prospect one of the 10 best players expected to be available in next year's NFL Draft according to ESPN's Mel Kiper Jr..
A junior, Gurley has rushed for 773 yards (154.6 yards per game) and eight touchdowns in five games. He has also returned one kickoff for a touchdown and even completed a 50-yard pass.