"I have decided to stay at Arkansas for the 2012 season because I am extremely excited for what this team has the opportunity to accomplish and to finish earning my degree," Wilson said in a statement released by the school. "After the feedback I received, the decision was difficult to make. Ultimately, the chance to complete my academics and play one more season as a Razorback were compelling reasons for me to remain in Fayetteville."
Wilson, a junior, led the SEC with 3,638 passing yards and threw 24 touchdowns to just six interceptions in 2011.
With Wilson at quarterback, the Razorbacks recorded their first 11-win season since 1977. Arkansas' offense also ranked inside the top 30 nationally, averaging 438.1 yards per game.
Wilson ended the season with a 216-yard, two-touchdown performance against Kansas State in the Razorbacks' 29-16 win in the AT&T Cotton Bowl.
"This past year was great for us with 11 wins and a top-five finish and we want to build on that," Wilson said. "The group of players we have returning has high expectations and wants to work hard to compete for championships.
"Although my goal is to play in the NFL, I believe I can benefit greatly from another year of working with coach (Bobby) Petrino and [offensive coordinator/quarterbacks coach] Paul Petrino. I am excited to be able to spend one more season at a university where the leadership shows a tremendous amount of support and the passion of the fans is the best in the country."
Edward Aschoff covers the SEC for ESPN.com. Contact him at email@example.com; follow Edward Aschoff on Twitter: @AschoffESPN