Sprinter Jimmy Thoronka, 21, did not return home after the 2014 Glasgow Games amid Ebola fears.
The University of East London (UEL) said it would offer him a place on a foundation degree course if he was granted a visa to stay in the UK.
The Home Office said it did not comment on individual cases.
Thoronka, Sierra Leone's top 100m runner, was found living rough in London months after the games following the deaths of several members of his family from the Ebola virus.
He was arrested for deportation in March.
If approved to remain in the UK, Thoronka would be accepted on to a two-year foundation degree focusing on taking sport into the community.
Dusty Amroliwala, UEL deputy vice-chancellor, said: "We recognise the potential Jimmy has as a scholar and we are keen to support him in his ambition to enter higher education.
"We know that Jimmy is very keen to join us to study applied community sports and he is working incredibly hard on his studies to meet our entry requirements, as well as his training.
"But everything still remains conditional on the Home Office granting him leave to remain in the UK.
"Without this, we are unable to enrol him as a student."
The university has a link with athletes - European 200m champion Adam Gemili recently graduated and double Commonwealth Games bronze medallist Bianca Williams is currently studying there.
Cambridge University student Richard Dent, who had never met Thoronka, set up a fundraising page following the athlete's plight.
It has gone on to raise Â£30,000 for a trust fund to help Thoronka "rebuild his life and career".
A Sierra Leonean athlete who was found sleeping rough in London months after competing at the Commonwealth Games has been offered a university scholarship.