The Hawkeyes announced Monday that Dickerson has been granted a release from his scholarship.
Dickerson, a sophomore, will finish out the year academically before transferring to a new school.
Dickerson, a junior college transfer, never quite fit in with the Hawkeyes. He struggled to find playing time behind juniors Mike Gesell and Anthony Clemmons and wound up playing just 15 games at Iowa, averaging 2.7 points.
Dickerson's departure will free up an extra scholarship that Iowa could possibly use in the increasingly important spring signing season.