In a statement released at his news conference, Lynch said he "will be a Memphis Tiger for life" and would continue his education at the school until he earns his degree.
He also announced that he had retained agents Leigh Steinberg and Chris Cabbott.
ESPN's Todd McShay has Lynch as his No. 2 overall pick in his Mock Draft 1.0, while ESPN's Mel Kiper has the quarterback ranked No. 6 in his latest Big Board.
Lynch (6-foot-7, 245 pounds) completed 66.8 percent of his passes this season for 3,778 yards. He had 28 touchdowns and four interceptions but failed to throw a touchdown pass in Memphis' 31-10 loss to Auburn in the Birmingham Bowl, only the second time this season he failed to throw a touchdown pass.
The junior quarterback threw for just 108 yards an an interception in the loss to Auburn.