The newspaper reported that the Crown indicated there was "no reasonable prospect of conviction."
Andrew Fritsch of Brantford, Ont., and American Mark Petaccio were also charged on Aug. 25, 2012 after a woman alleged she was forced to have sexual intercourse against her will.
The players were reportedly ordered to undergo counselling last year.
Cousins was the highest profile of the players, who were all on the Sault Greyhounds at the time. He finished third in the OHL in scoring this season with 27 goals and 76 assists for 103 points. He was drafted by the Flyers in the third round in 2011, the same year he played for Canada at the U-18 world championships.
Fritsch is a prospect of the Phoenix Coyotes while the undrafted Petaccio was dealt midway through this season to the Ottawa 67's.
The Greyhounds were eliminated last week in the first round of the playoffs.