The beleaguered signal-caller announced on Instagram on Thursday that he would transfer to the FCS Tigers, posting a picture of the school's helmet and a football with the words "A second chance."
Miami had announced in September that Olsen, a redshirt freshman, was no longer enrolled in school following his third different suspension from the football program, as he had been charged with driving under the influence and having a fake or stolen driver's license.
A Wayne, New Jersey, native, Olsen was charged in May 2013 in his hometown with leaving the scene of an accident and failing to report an incident.
With the Hurricanes, Olsen was suspended for last season's Russell Athletic Bowl for a violation of team rules.
Olsen had entered Miami as a four-star prospect from the Class of 2013 and had a chance to be the team's starting quarterback in 2014 before getting suspended for the season's first two games for a violation of team standards.
Because Towson plays in the FCS, Olsen would be eligible to play for the Tigers in the 2015 season. He has yet to appear in a college game.
The Hurricanes (6-6) conclude their season Dec. 27 against South Carolina (6-6) in the Duck Commander Independence Bowl in Shreveport, Louisiana.