The National Defensive Player of the Year guided the Cougars to the Sweet 16 in what turned out to be his final college season. Houston had a 120-18 record when Shead played.
"I feel like it's my time to move on and go chase my dreams," Shead said during a video interview posted to his Instagram page. "These have been the best four years of my life with the best people I have met.
"... Coach (Kelvin Sampson) and I talked about it and I feel right now, it's that time."
Shead will likely be selected in the second round.
Shead averaged 12.9 points, 6.3 assists and 3.7 rebounds this season. He also notched a career-best 80 steals -- sixth most in Cougars' history - while being named Big 12 Player of the Year and Big 12 Defensive Player of the Year.
Houston's bid to reach the Final Four effectively ended when Shead badly sprained in his right ankle during a 54-51 loss to Duke with an Elite Eight bid on the line. Sampson said after the game the recovery period was four to six weeks.
Shead was sporting a boot on the right foot during his interview on Thursday.
The Cougars led by six when Shead left the floor with 6:38 remaining in the first half. Duke took advantage with an immediate 13-4 run to take the lead.
Shead finished his Houston career with 226 steals, third in program history behind legendary Clyde Drexler (268 from 1980-83) and Ken Ciolli (237 from 1975-79).
Shead averaged 9.7 points, 5.0 assists and 2.8 rebounds in 138 games (108 starts) with Houston. He made 127 3-point baskets.
