McNeal had entered his name into the pool of eligible players in late April, but did not hire an agent, which allowed him the option of coming back to MU.
"I made the decision yesterday after weighing all of my options," McNeal said. "I felt it was in my best interest to come back and accomplish some of the goals I have set for myself and get better, both on the court and academically.
"I am looking forward to being with my teammates and with the core of guys we have returning, we are all working hard to prepare for an even more successful season next year," McNeal added.
A Second Team All-BIG EAST honoree in 2007-08, McNeal averaged 14.9 points, 4.9 rebounds, 3.5 assists and 2.2 steals per game. One of two players to start all 35 games, the Chicago, Ill., native finished among the league leaders in scoring (14th, 14.9), assists (14th, 3.54 apg.) and steals (2nd, 2.17 spg.).
He owns career averages of 13.6 points, 4.7 rebounds, 3.4 assists and 2.3 steals per contest.
McNeal is currently third in school history with 216 steals and is 22nd in scoring with 1,292 points. He was named the BIG EAST Defensive Player of the Year in 2006-07 and is a two-time all-conference honoree.