Polk was cited Tuesday night at his apartment for possessing and trafficking codeine syrup, hydrocodone pills and marijuana, according to the report.
Cardinals coach Bobby Petrino released a statement on Polk to The Courier-Journal in Louisville.
"Cameron Polk has been dismissed from the team," Petrino said. "I do feel, however, that it is important that we provide him with the help and support needed to help him with his problems."
Polk, who did not record a catch this season, attended Hamilton Southeastern High School in Fishers, Ind., and was rated the No. 95 wide receiver in the class of 2014 by the recruiting website Rivals.com.
Louisville (5-1) plays at Clemson on Saturday.