Bassey does not plan to sign an agent and will retain the option to return to school, according to a Western Kentucky statement.
He has until May 30 to test the draft waters and make a decision about whether to stay in the draft pool.
He is the No. 53 player in ESPN's Top 100 rankings and the No. 10 center.
He was named Conference USA Defensive Player of the Year and Freshman of the Year.
Bassey, from Nigeria, is listed at 6-foot-11 and 245 pounds.