Arizona sent out a press release Thursday morning, while Ferguson released an announcement through The Player's Tribune.
The news doesn't come as a major surprise, as rumors have circulated for months that it was an option for the 6-foot-6 wing out of Dallas (Tex.) API.
Ferguson is the second highly touted prospect out of API to make this type of move in recent years. Emmanuel Mudiay signed an Under Armour deal and played in China for a season before being picked No. 7 in the NBA Draft.
Ferguson was regarded as the No. 16 overall prospect and the No. 2 shooting guard in the 2016 recruiting class.
Despite losing Ferguson, Sean Miller still has a strong incoming class that consists of five-stars Kobi Simmons, Rawle Alkins and Lauri Markkanen.