The 7-foot center spent three seasons with the Bulls and started 19 games last season, averaging 8.8 points and 7.9 rebounds. He will have two years of eligibility remaining.
"Michael will add a tremendous physical presence to our team," Woodson said in a statement. "He's a veteran player who has started more than 80 games at the Division I level. I think he has shown he is an excellent rebounder, his free throw shooting is markedly improved and he can help us offensively and defensively."
The Atlanta native averaged 6.7 points, 6.5 rebounds and 1.0 blocks during his college career.
He's the third player to transfer to Indiana since Woodson was named coach in March. He joins forward Miller Kopp, who played previously at Northwestern, and guard Xavier Johnson, who started at Pittsburgh. Guard Parker Stewart joined the roster in January but did not play after playing previously at Tennessee-Martin and Pittsburgh.