The report comes on the same day the Big Ten finalized its return to play, paving the way for Michigan to begin its season as early as Oct. 24.
McCaffrey, the brother of Carolina Panthers running back Christian McCaffrey, was a four-star recruit in the 2017 class. He was expected to battle Joe Milton and Cade McNamara for the Wolverines' starting job.
McCaffrey, a senior, will leave Michigan with only 35 career pass attempts. He failed to win the starting job in the last three years and ran into the injury bug. He suffered a broken collarbone late in the 2018 campaign and a concussion early in the 2019 season.
The Castle Rock, Colorado native will carry two years of eligibility with him to his next school.