UNLV officials removed the Hey Reb! statue from in front of the Richard Tam Alumni Center on Tuesday after facing backlash over the controversial mascot.
School president Marta Meana said in a statement that the statue will be returned to its donor.
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Meana added UNLV will continue to discuss the mascot's association with the school.
"Over the past few months, I have had discussions with multiple individuals and stakeholder groups from campus and the community on how best the university can move forward given recent events throughout our nation," she said.
"That includes the future of our mascot. The frequency of those conversations has increased in recent weeks, and I will have more to share with campus once the listening tour is complete."
A petition demanding UNLV change its mascot had more than 4,000 signatures Wednesday morning. The petition says, "The 'Rebel' is racist and is rooted in a Confederate mythology."
The UNLV website notes the mascot dates back to the university's origin in the mid-1950s.
An earlier mascot, a wolf named Beauregard, was removed in the 1970s after the school faced pressure from a group of African-American student-athletes due to its connection to the confederacy.
