Ukraine had been set to host the biennial tournament in September next year but, due to the ongoing political uncertainty in the eastern European nation, the decision to search for a new host has been taken.
FIBA Europe president Turgay Demirel and secretary general Kamil Novak have started negotiations with the Ukraine Federation to host the 2017 tournament.
"The Board of FIBA Europe has decided to relocate EuroBasket 2015 from Ukraine to a new destination, during its meeting in Munich, Germany on Friday," read a statement on FIBA Europe's official website.
"The decision was taken after a careful consideration of the continuous political situation and security issues in Ukraine, which were deemed as less than favourable for the staging of such an important and demanding event."
FIBA confirmed that a new bidding process will now take place, with interested nations required to apply to host the tournament by July 31.
A decision on the new host nation is expected to be announced by September 30 at the latest.