Jackson had been projected as a potential first-round pick in the NBA draft.
The sophomore averaged 12.4 points, 3.6 rebounds and 3.1 assists per game this past season. He led the team in 3-point field goal percentage, making 42.9 percent of his shots from behind the arc.
Jackson played one of his best games of the season in Notre Dame's Sweet 16 victory over Wichita State. He had a team-high 20 points and made four of five 3-pointers in helping the Irish reach the Elite Eight for the first time since 1979.
ESPN Insider Jeff Goodman contributed to this report.