Mitchell, 20, told Scout that he doesn't plan to sign with an agent, leaving open the possibility of returning to the Cardinals.
"I want to see if I can improve my draft stock and I am still not 100-percent leaving," Mitchell said. "I just want to be able to see where I stand in the draft and if I can improve in anyway."
The 6-foot-3 guard is currently projected to go No. 21 in the 2017 NBA Draft by Draft Express.
Mitchell raised his profile during his sophomore season and helped Louisville to a 25-9 record, before falling to Michigan in the second round.
"I think I played well," he said about his season. "There are many things I feel I improved on from freshman year. I do feel as though I have other things to work on as well and I will heading into this summer."
Mitchell averaged 15.6 points, 4.9 rebounds and 2.7 assists a game.