The school said on its Web site that $200,000 will be used for the renovation of the team room of the Utes' basketball squad and $300,000 is earmarked for an Endowed Scholarship in his name.
"I am very fortunate to be in a position where I can give back and help others," Miller said. "The University of Utah opened a lot of doors for me (and) I consider Utah to be the best university in the country. I hope other former Ute athletes will follow in my footsteps."
Miller averaged 12.1 points, 4.8 rebounds and 5.4 assists per contest at Utah from 1995-99. The Utes were 114-20 overall.
He was a two-time all-american and the eighth overall pick by Cleveland in the 1999 NBA Draft.
2005 No. 1 pick Andrew Bogut already has donated $125,000.