Ole Miss said during the summer it was working with the NCAA regarding potential violations after Tunsil's stepfather made allegations that the offensive lineman had improper contact with agents and received improper benefits.
The Rebels sent a release Saturday morning saying that sitting Tunsil is a "precautionary measure" and that the school is "cooperating fully with the NCAA and feel this is the best way to protect Laremy, our football program and the university."
Tunsil is considered one of the most important players for No. 17 Ole Miss this season. The 6-foot-5, 305-pound junior has started at left tackle since his freshman season.
The Associated Press contributed to this report.