Shipp, who did not hire an agent prior to declaring for the draft in late April, took his name out of consideration for the June 26 selection process, UCLA Coach Ben Howland said Tuesday.
"Josh has been an integral part of our three Final Four runs and I am really excited that he is coming back for his senior year," Howland said.
UCLA advanced to its third consecutive Final Four in the NCAA Tournament this past season. The Bruins lost to Memphis in the national semifinal in 2008 and to Florida the previous two seasons, in the semifinals in 2007 and the championship game in 2006.
"I wanted to come back and make another run for the championship," Shipp said. "We've been close three times and a goal of mine is to win the NCAA championship."