The news was first reported by Bill Rabinowitz of the Columbus Dispatch.
"I want to help this team win a Big Ten championship next year," Miller said in a release. "Plus, I want to improve as a quarterback in all aspects of my game. I'm looking forward to working for another year with Coach Meyer and Coach Herman. And I want to graduate, so this will help get me closer to my academic goal."
The return of the quarterback, who has started 34 games over the past three seasons with a 26-8 record, is a key piece of the puzzle as the Buckeyes attempt to make a run at the national championship in 2014. Multiple early polls predict Ohio State will be a top-10 team next season, and the return of the dynamic Miller will assuredly do nothing to change that.
"We look forward to having Braxton Miller return to this team for his senior season," Ohio State coach Urban Meyer said. "He has been an extremely valuable member of our team and he is also a fine student. His desire to lead our team to a championship, to earn his degree from The Ohio State University next spring and to continue to improve as a quarterback are his motivation."
Projections on where Miller might have been chosen in the NFL draft were all over the board, but most agreed the Huber Heights, Ohio, native and Wayne High School product would not have been a first-round pick.
After the Orange Bowl, in which he threw for two touchdowns but also tossed two interceptions while taking a beating from a fast, athletic Clemson front, Miller told reporters he was unsure what his decision would be.
"Just think it out throughout the whole process and how it will go," he said about his plans. "I don't want to make no decision I really didn't do my research on."
Miller became the fourth player in conference history to win the Big Ten Silver Football Award this season in consecutive years. He helped pilot an offense that set school records for points and yards, completing 162 of 255 passes (63.5 percent) for 2,094 yards, 24 touchdowns and seven interceptions. He also topped the 1,000-yard mark on the ground for the second consecutive season, finishing with 1,068 yards on 171 carries with 12 touchdowns. The 36 touchdowns accounted for set a new school record despite the fact he missed almost three games with a knee injury.
The Silver Football award boosted his lead atop the all-time list of major conference awards with seven, besting former Buckeye and college football hall of famer Orlando Pace, who received five such honors over the course of his storied career in Columbus. Miller collected the Silver Football, Big Ten Offensive Player of the Year and Big Ten Quarterback of the Year in both 2012 and 2013, while also claiming Big Ten Freshman of the Year honors in 2011.
He is among the most decorated quarterbacks in school history, having set the school record for rushing yards as a quarterback with 3,054. His 8,346 yards of total offense is second all-time behind Art Schlichter, as are the 84 touchdowns he's accounted for in his career.