The Longhorns made the announcement in a statement Friday. Kabongo has signed with agent Rich Paul's Klutch Sports Group, league sources told ESPN's Chris Broussard.
Kabongo played only the final 11 games of the 2012-13 season. He was suspended by the NCAA for accepting airfare and personal training instruction, then providing false and misleading information about the infractions during two interviews with university officials.
"When I went to Cleveland, I did not intend to break any rules and did not believe I had broken any. I should have been upfront with UT about everything the first time I had a chance, but I'm glad that I corrected my mistake and I'm glad that I was truthful with the NCAA," Kabongo said in a statement in February.
During the 11 games he played, Kabongo led the Longhorns in scoring (14.6 PPG), assists (5.5 per game), steals (2.0) and minutes (37.3) and ranked second in rebounding (5.0). He reached double figures in scoring eight times, including a career-high 31 points in a home overtime victory against Oklahoma on Feb. 27.
In his two seasons in Austin, Kabongo played and started 45 career games and averaged 10.8 points and 5.3 assists.
Kabongo was named Texas' most valuable player and team captain at Thursday night's annual team banquet. In his freshman season, he was All-Big 12 honorable mention and earned a spot on the Big 12 All-Rookie Team.
The Longhorns were 16-18 overall last season and 7-11 in the Big 12.