"Jeremy Ingram is a very good basketball player and more importantly, an outstanding young man," Prosser said. "He will be an asset to whatever school he chooses and we wish him the very best."
Ingram will remain in school until the end of the fall semester. He has not indicated where he will transfer.
"I appreciate the opportunity given to me by Coach Prosser and his staff," Ingram said. "I have nothing but great things to say about Wake Forest and the basketball program. I also appreciate my teammates and will miss them very much."
Ingram's departure leaves the Demon Deacons with 11 scholarship players and three walk-ons. Wake Forest opens exhibition play Thursday night against USC-Upstate at Lawrence Joel Coliseum.