Kentucky's Jay Blanton told ESPN.com that Masiello has completed his coursework and will be awarded a degree in August.
Masiello has been on unpaid leave from Manhattan since April -- shortly after it was discovered that he had not earned his degree from Kentucky. Masiello had accepted the South Florida job, but a background check turned up that he hadn't finished the requirements to earn his degree.
Manhattan has said it would reinstate Masiello once he completed his degree.
"After an extensive review of the situation and extenuating circumstances, we determined that Mr. Masiello executed poor judgment but did not intentionally misrepresent himself in applying to the college," Manhattan president Brennan O'Donnell said in a statement released in April. "After participating in graduation ceremonies at the University of Kentucky, he enrolled in summer courses with the intention of completing his degree, but never followed through to make sure that the degree was awarded. We appreciate the counsel of all involved in assessing this complex situation. Our policy was always that the coach must have at least a four-year undergraduate degree. We are confident that Mr. Masiello will be able to complete his degree this summer and return soon thereafter to resume his duties."
Calls to Masiello and Manhattan athletic director Noah LeFevre, in an effort to determine if Masiello has been reinstated, were not immediately returned.
Masiello led the Jaspers to a 25-8 record, the NCAA tournament and a near-upset of Louisville this past season. He has a 60-39 mark in three seasons as coach.