Green's father, Danny Sr., told the Fayetteville Observer on Friday that the correct move is a return to college.
"From the beginning, Danny told Coach (Roy) Williams he was in this for the experience," his father told the newspaper. "And he had a great experience going through the process.
"Danny was never trying to run away from Chapel Hill. He loves school down there, he loves playing basketball there and I think the right decision for him now is to go back to school."
A UNC official informed Inside Carolina Friday afternoon that Green is scheduled to meet with head coach Roy Williams this weekend and official word was expected on Sunday. Williams is departing Chapel Hill on Sunday afternoon to watch the Tar Heel baseball team in the College World Series.
June 16 is the deadline for players to withdraw their names from the NBA Draft.
Green was Carolina's fourth-leading scorer at 11.5 points per game in 2007-08. He has compiled 871 points and 412 rebounds in three seasons, averaging 8.1 points and 3.9 rebounds per game. He led the team as a junior in free throw percentage at .873 and was second in three-point field goals made with 56. He is 10th all-time in blocked shots at UNC with 104.
Danny Green Sr. disputed a Friday report claiming that he thought his son was planning to return to UNC for his senior season.
"I didn't say that," Green Sr. told the Durham Herald-Sun on Saturday night. "I don't know where they got that from. I'm not sure what Danny's going to do."
Green and fellow teammates Ty Lawson and Wayne Ellington have until 5 p.m. Monday to pull their names out of the NBA Draft.