The sophomore guard, who is expected to be one of the top players drafted, averaged 15.3 points while helping the Demon Deacons to a 27-6 record last season.
"This was the most difficult decision I have ever made," Paul said. "I have mulled over this decision for several weeks. I have talked at length with my family and the coaching staff. In the end, I felt like I was ready for the challenge."
Paul's season was marred when he punched North Carolina State's Julius Hodge in the groin during a game on March 6.
A one-game suspension was handed out and Paul served it in Wake Forest's loss to North Carolina State in the quarterfinals of the ACC Tournament.
West Virginia then upset Wake Forest in the second round of the NCAA Tournament.