Selby missed the first nine games of this past season after being suspended for receiving improper benefits. When he returned, he averaged 7.9 points, 2.2 rebounds and 2.2 assists in 26 contests for the Jayhawks.
He missed three games due to a foot injury sustained Feb. 1.
"We as a staff, totally support Josh's decision and we also hope our fans support it as well," Jayhawks Coach Bill Self said.
Selby joins junior forwards Marcus and Markieff Morris as Kansas players announcing their departures to enter the 2011 NBA draft.