Garcia, a 6-7 junior, was a key member of the Cardinals team that went 33-5 this season and reached the Final Four.
He led Louisville in minutes played, scoring average, assists, blocked shots and steals.
Louisville Coach Rick Pitino had expected Garcia to declare for the draft.
"I want him to go pro," Pitino said. "I do not want him coming back. Fans will say, 'Is he (Pitino) crazy?' Probably.
"It's a dream of his. The young man wants to go. He's ready for it. He helped us get to a Final Four. He's 23 years of age and he wants it. The timing's right for him to leave."