King won the Thorpe Award, presented to the nation's best defensive back, this past season. He was also a consensus first-team All-American, the 23rd in Iowa history, and the Big Ten defensive back of the year.
The 21-year-old junior led the Big Ten and ranked second nationally with eight interceptions, tying an Iowa record shared by 1939 Heisman Trophy winner Nile Kinnick. King registered 72 tackles for the 12-2 Hawkeyes, who lost to Stanford in the Rose Bowl. He also returned 46 punts and kickoffs for 949 yards.
Iowa returns eight starters on defense next season.
His decision to wait on the NFL was first reported Monday night by the Daily Iowan.