(CBS) Aaron Cosby and the Illinois basketball team have agreed to mutually part ways, the school announced Friday.

Cosby had been indefinitely suspended since Jan. 31. This was his first season playing for Illinois after transferring from Seton Hall. Cosby plans to graduate from Illinois this spring, then transfer to a new school and be immediately eligible next season.

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Cosby averaged 7.8 points on 29.3 percent shooting for the Illini.

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“After having further discussions with Aaron and evaluating the situation from both sides, he and I have mutually agreed that it is best to part ways,” coach John Groce said. “I enjoyed coaching Aaron and appreciate the contributions he made during his time here. I wish him success and will be rooting for him to have a great finish to his career.”

Cosby was suspended for an unspecified violation of team rules.

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“I have a great relationship with my coaches and teammates here at Illinois, but feel it’s in my best interest to seek out a new opportunity,” he said.