Sources told Yahoo the incident, which allegedly occurred during the first week of August, escalated into a "group assault" of a teammate.
"We are aware of an incident involving members of the UNC football team that took place earlier this month. We take this allegation seriously and the University is conducting a thorough review," Kevin Best, North Carolina's assistant athletic director for communications, said in a statement to Yahoo Sports.
Redshirt freshman walk-on wide receiver Jackson Boyer was concussed in the alleged incident, which reportedly took place with multiple teammates in his room at the Chapel Hill hotel the team was staying at during preseason camp.
North Carolina remains on probation for NCAA violations committed under former coach Butch Davis.
The school announced in June that the NCAA has re-opened its investigation into alleged academic fraud involving Tar Heels football and men's basketball players.
The Tar Heels went 7-6 in 2013 and open the upcoming season Saturday at home against Liberty.
- Chris Johnson