Jeffries, the Big Ten Conference Player of the Year, will bypass his final two collegiate seasons.
"Two years ago, I had to make what I thought was the hardest decision of my life." Jeffries said. "I had to decide if I wanted to be a part of rebuilding Indiana's greatness. Today again I am faced with an incredible dilemma, and the dilemma is whether I want to declare myself eligible for the NBA draft.
"After hours of prayer and deep thought, with myself, my family, the coaching staff, I have decided it is in my best interest to forego my college eligibility and enter the NBA draft."
The 6-10 Jeffries led the Hoosiers with averages of 15 points and seven rebounds. While he struggled the last month of the regular season with a sprained right ankle, Jeffries had 24 points and 15 rebounds in the Hoosiers' 74-73 upset of top-ranked Duke in the South Region semifinals.
Indiana coach Mike Davis supported Jeffries' decision.
"This a once in a lifetime opportunity and I know that Jared will make the best of it," Davis said.