During the late 1800s and early 1900s, black children were used as "alligator bait," according to Ferris State's University Jim Crow Museum of Racist Memorabilia.
"While I know of no evidence of racism associated with our 'Gator Bait' cheer at UF sporting events, there is horrific historic racist imagery associated with the phrase," Fuchs said in a statement.
The decision is among a number of steps that Florida is taking to combat racism.
It will establish a presidential task force to review the school's history in regard to race and ethnicity, including the naming of campus buildings and monuments.
"I am personally committed to removing any monuments or namings that UF can control that celebrate the Confederacy or its leaders," Fuchs said.