Woolridge averaged 2.8 minutes in 16 games for the Jayhawks in 2010-11. Woolridge said he would head to a school with a greater opportunity for playing time and possibly closer to his native Phoenix.
The 6-foot-3 guard said coach Bill Self was understanding when informed of the decision Thursday.
"It's tough having to leave the program because I feel like all the players are family, my brothers," Woolridge said. "We've been through a lot. I'm going to miss them. I'm going to miss Kansas. I'm going to miss everything about it. But sometimes you have to do what's best for yourself."
Woolridge, the son of former NBA player Orlando Woolridge, averaged 30.2 points during his senior year at Sunnyslope High School in Phoenix.
Diamond Leung covers college basketball for ESPN.com and can be reached at firstname.lastname@example.org. The Associated Press contributed to this report.