The three basketball players from the University of California, Los Angeles, were detained by police on November 7 in the eastern Chinese city of Hangzhou over allegations of shoplifting.
ESPN reported that authorities have surveillance footage of the players stealing from three stores.
Trump was in China for a visit at the same time as UCLA.
President Trump, who is on his way back from a 12-day Asian tour, said he personally intervened with Chinese President Xi Jinping last week about the three players.
If the three Bruins are going to be detained in China for another two weeks, they could miss up to five games before they get back on US soil, missing contests against Central Arkansas, South Carolina State, Creighton, Baylor/Wisconsin and UC Irvine.
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If you're a basketball fan, you probably know who LiAngelo Ball is.
They were released from police custody early on Wednesday and had been confined to a luxury hotel pending legal proceedings.
The UCLA team had been in China for a game against Georgia Tech in Shanghai on Saturday, which UCLA won 63-60.
Ball's father, LaVar, said in a statement on social media that the process could take months.
The U.S. official indicated that the players' charges have been reduced and the case is being resolved. LaVar Ball and his youngest son, LaMelo, are expected to be in Hong Kong Tuesday evening to promote a pop-up shop for the family's athletic apparel line, Big Baller Brand. "After Trump raised the matter, Xi promised to look into the case and ensure that the players be treated fairly and expeditiously, said a US official who spoke on the condition of anonymity because of the sensitivity of the situation".