Yes, you can. Very High income earners and low income earners often lose advantage of getting exemptions for their students. You would remove him for Federal purpose. You possibly may add him back for the state section (you would have to have 2 different versions of your file saved. states do not necesarilly follow the fed (you would have to review your states requirements on this).
If you are eligible to claim him and don't. The student can NOT claim himself (nobody gets to claim him). He though would be eligible for education credits if he was in school and tuition was paid. High income earners who lose exemptions and don't qualify for education tax breaks often will not claim their children and let the child take the education credits.
For him to claim the dependency and get the exemption he would have to have provided over half his own support (he could use savings and other means). To get the refundable tax credits he would have to have 2017 earned income that provides for over half his own support. He would be eligible though for the non-refundable education credit.
Worksheet to determine support: https://apps.irs.gov/app/vita/content/globalmedia/teacher/worksheet_for_determining_support_4012.pdf