Douglas-Roberts led the Tigers with 18.1 points a game as a junior and helped them set a Division I record with 38 victories. He was picked for the NCAA all-tournament team after Memphis lost the championship game to Kansas 75-68 in overtime.
"The ride that we all took together this year is what dreams are made of, and now I feel it is time to pursue my ultimate dream of playing in the NBA," he said in a statement.
The 6-foot-7 Douglas-Roberts features a dazzling array of shots and hit a team-best 41.3 percent on 3-pointers. He was voted Conference USA player of the year.
Earlier this week, Rose declared for the NBA draft. The freshman guard was a third-team All-American.
Douglas-Roberts and Rose almost went out as NCAA champions. They combined to make just 1-of-5 free throws in the final 1:12 of regulation in the loss to Kansas.
Douglas-Roberts was often overshadowed by Rose, the flashy star who electrified crowds with his perpetual motion and acrobatic moves.
But is was Douglas-Roberts that Memphis coach John Calipari often turned to when the team needed a critical basket.
"Like in years past, I have said that during the season, it is about the team, and that after the season, it's about the individual players. Chris did just that this year," Calipari said. "Chris -- along with every player on the team -- gave his all for the team this season, and we are grateful for what he did for this program."
Memphis landed one of the country's last undecided prep stars earlier this week in Tyreke Evans, the most valuable player of the McDonald's All-American game last month.
The Tigers already have a signed letter-of-intent from another top recruit, 6-foot-11 forward Angel Garcia, and are expecting to get one from 6-foot-8 forward Matt Simpkins, who gave a verbal commitment in January.