The school plans to grant that transfer to any school outside the Big 12 Conference.
Tolbert was second on the team in scoring and rebounding.
He is the second player this week to transfer. Dusty Hannahs was granted his release from the program on Monday.
Texas Tech did say that no other student athlete with the basketball program has asked for their release from the program.
Copyright 2016 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.