Bolin will be eligible immediately and will have one year to play at his new school as a graduate transfer.
"First and foremost, I want to thank Coach (Bobby) Petrino and the University of Louisville because they have been incredibly supportive of me throughout this process," Bolin stated. "I love my coaches and teammates, and wish them nothing but the best going forward."
"This decision was made a few weeks ago with Coach Petrino's blessing, but I wanted to wait until after spring football was over to announce it, out of respect for the Louisville program," he added. "I have one year left to play, and I'm looking forward to the next chapter for me."
As the primary backup for Heisman Trophy winner Lamar Jackson, Bolin completed 18 of 27 passes for 234 yards. For his career, Bolin completed 141 passes on 242 attempts, for 2,104 yards and 13 touchdowns.
Bolin is already receiving interest from other programs, and he did visit Cincinnati last Friday for their spring game.
"I do have an offer from Northern Illinois, and I have spoken to Cincinnati, Texas and Western Michigan," he explained. "I just want to find a school where I can play, and I'm open to hearing from any school in the country."
Scout will continue to track Bolin throughout his recruitment, and will update his situation accordingly.