The Gators announced the decision Wednesday night.
Debose missed all of last season after tearing the anterior cruciate ligament in his left knee. He injured his knee during a noncontact drill in practice in early August and missed his senior season, which was expected to be his fifth and final year of eligibility. But Debose applied for a medical hardship waiver, which restored a year of eligibility. He missed his freshman year in 2009 following knee surgery.
Debose has 29 receptions for 543 yards and four touchdowns. His biggest contribution came on special teams, where he owns a school record with four kickoff returns for touchdowns.
Coach Will Muschamp says Debose will be cleared for noncontact practice March 28.