Clark would have to sit out a year if he went to another Division 1-A school, but he could play immediately at a lower level.
"Zak is an outstanding individual and has made a positive impact on our program," Arkansas head coach Houston Nutt said. "He helped lead us to a dramatic turnaround this season and a berth in the Cotton Bowl. We wish him the best of luck in whatever he decides to pursue.
He completed 88 passes in 179 attempts this season and led the Razorbacks in passing with 1,000 yards. The Fayetteville, Ark., native threw six touchdown passes in 2001.
Clark started 10 games this season at quarterback including the 2002 SBC Cotton Bowl vs. Oklahoma. He and freshman Matt Jones split a majority of the playing time at quarterback in the Razorbacks final eight games.