A 6-foot-7 swingman, Thomas was second on the Tigers in scoring this season, averaging 11.7 points to go with 4.5 rebounds and 1.9 assists per game.
Thomas, who is rated as the No. 101 prospect overall by ESPN's NBA Draft Tracker, averaged 8.8 points as a freshman.
Memphis (31-5), which went unbeaten in Conference USA this season with a 16-0 mark, lost to Michigan State in the third round of the NCAA tournament.
Information from ESPN senior college basketball writer Andy Katz was used in this report.