The 7-foot-1, 240-pound Reed said he will attend Elev-8 Academy in Florida this semester and plans to join Auburn in December after finishing up academic requirements.
"I just need one credit," Reed said. "Then I'll be able to play for Auburn in December."
Reed was not admitted to Maryland after an incident earlier this month in which he was arrested for second-degree assault, second-degree assault of a police officer and theft under $100.
"I can't blame anyone for my mistake," Reed told ESPN on Thursday. "I made the mistake and I've beat myself up for it. I didn't even know if I'd ever get a second chance, but I'm thankful to Auburn for giving me another opportunity."
Reed, who was ranked 84th in the country by ESPN.com, was arrested after two plainclothes officers saw him stealing a candy bar. Reed tried to run away, but the officer grabbed him -- and Reed resisted the arrest.
"I was under the influence at the time," Reed admitted to ESPN on Thursday, saying he had consumed alcohol prior to the incident.
Reed said he also considered Baylor, but chose Auburn due to Pearl's track record.
"I know his history of winning," said Reed, who grew up in Mobile, Alabama. "It's also a chance for me to go back home -- and I can learn from a former NBA player in Chuck Person."
Pearl, whose three-year show-cause penalty from the NCAA concluded this past weekend, has already assembled an impressive recruiting class. He has landed a pair of Top 75 players in the Class of 2015 -- Danjel Purifoy (ESPN, No. 50) and Horace Spencer (ESPN, No. 75) -- as well as top junior college guard T.J. Dunans.
The Tigers also will have former Marshall standout Kareem Canty, who averaged 16.3 points and 5.5 assists as a freshman last season, eligible in 2015-16. Canty will sit out this season due to transfer rules.