His spokesman, Gboyega Akosile, made the announcement Friday evening.
Sanwo-Olu has ordered a fresh process which must be completed within 45 days.
In a statement, Akosile said the decision followed an investigation and stakeholders engagement necessitated by petitions against the selection process.
The outgoing Vice Chancellor, Prof. Olanrewaju Fagbohun has also been directed to convene an emergency Senate meeting.
The meeting will appoint one of the Deputy Vice Chancellors, who is not a candidate in the cancelled selection process, as Acting Vice Chancellor.
The DVC will assume office from Monday January 11, 2021, the day Fagbohun’s tenure expires.
The Governor further directed the Senate to select, among its members, a protem chairman to superintend the meeting and conduct of election of Acting VC.
