Russell is one of five Irish players currently suspended while being investigated for academic fraud.
On Wednesday, the school said the honor code hearings for the players in question have been completed, but that the outcome would remain confidential unless the players chose to disclose it.
According to NBC, Russell received news from the honor committee and told his teammates Thursday that he will not be playing in 2014, but plans to return next year.
Earlier Thursday, Russell ripped the school in a now-deleted Instagram post, saying it was "becoming ridiculous" that the school had not made a decision concerning the investigation.
Russell posted the following message on Instagram on Friday
The cornerback registered 109 tackles and three interceptions in his first two seasons at Notre Dame combined.
The other players involved in the investigation are defensive lineman Ishaq Williams, wide receiver DaVaris Daniels, linebacker Kendall Moore and safety Eilar Hardy. The Chicago Tribune recently reported that it's unlikely any of them play this season.
No. 6 Notre Dame (5-0) hosts North Carolina (2-3) on Saturday.
- Molly Geary