"The University of Michigan has done so much for me and helped me get to a position where I might be able to reach my goal of playing professional basketball," Livers said through the school's statement. "While this is only the start of the evaluation, I have appreciated your encouragement and will continue to need it as this process moves on."
Livers intends to hire an agent to assist him with the pre-draft process, which is permitted by NCAA rules. However, if the junior decides to return for his senior season, he'd have to sever ties with his representation.
The 21-year-old was limited to 21 starts this season after missing time with groin and ankle injuries, but still managed to lead the Wolverines in scoring at 12.9 points per game. As a freshman and sophomore, Livers helped Michigan reach the Sweet 16 in back-to-back seasons.
If Livers is selected in the upcoming draft, it would mark the fifth straight year a Wolverines player was taken in the first round.
The NBA draft is currently scheduled to take place on June 25.