"My dream has always been to play in the NBA," Jerome wrote. "Therefore, after speaking with my family and coaches and giving it a lot of thought, I know it's the right time to announce that I will be entering the NBA draft and signing with an agent."
Jerome was a key contributor during the Cavaliers' national championship run, as he averaged 16.5 points, six assists, and 5.2 boards in the NCAA Tournament.
The 21-year-old earned second-team All-ACC honors and was one of 10 finalists for the Bob Cousy Award, which is given annually to the nation's top point guard.
Virginia won its second consecutive ACC regular-season title by finishing with a 35-3 overall record.