Masoli was dismissed from the Oregon team in June after his second brush with local law enforcement in sixth months.
Masoli, the second-team All-Pac 10 quarterabck last year, has expressed interest in Ole Miss, and Rebels coach Houston Nutt has expressed more interest in Masoli since Nutt learned last Saturday that backup quarterback Raymond Cotton was leaving the team.
Having completed his undergraduate course work at Oregon, Masoli is eligible to play immediately at another school as a graduate student.
It's likely other schools will pursue him as well, and there does not appear to be a timetable set for his decision.
Ole Miss freshmen and newcomers report on Aug. 6. Camp begins on Aug. 8.