His services are understood to have been pitched throughout the Premiership - with speculation mounting in Ireland about a link-up with Gloucester.
A jury in Belfast found Jackson (26) and Olding (25) unanimously not guilty of rape while Jackson was also acquitted of sexual assault.
Despite the pair being found not guilty, public criticism had mounted against them.
'He's been offered everywhere but a family club wouldn't want to be associated with those messages'.
A statement on Gilroy read: "Following a review of a text message sent by Craig Gilroy, the Irish Rugby Football Union and Ulster Rugby have sanctioned him, following a disciplinary process in accordance with the terms of his contract".
The Ulster Rugby and IRFU review has focused on a series of sexually explicit WhatsApp conversations revealed during the trial involving the players and their friends.More news: Rock Hall 2018: Bon Jovi, Howard Stern walk the red carpet
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"Since I was a young boy it was my ambition to play for Ulster and Ireland and I am extremely proud, privileged and honoured to have done so".
The incident has sparked protests outside the club grounds, and several club sponsors have expressed concern following the case.
After Ulster's stay of execution win over Ospreys, the Ravenhill mood should have been jubilant at the whistle, but it wasn't.
They also called for action against what they claim is a misogynistic culture within rugby.
An intense debate on the players' future has been played out in newsprint and online since the verdicts.
It is worth noting that neither Ulster nor the IRFU thanked either player for their contributions to province and country.
Supporters demanding their reinstatement followed suit with their own newspaper advert this week. The result of that review was the decision to cut both players loose.