Hoak, who has two years of eligibility remaining, will graduate in May and would be able to play for another team immediately.
Sophomore Terry Wilson started for Kentucky last season, leading the Wildcats to a 10-3 record, 5-3 in the SEC. Coach Mark Stoops had been noncommittal about Hoak's role on the team next season.
Hoak posted the news Tuesday morning.
Hoak played in five games last season, completing 13 of 26 passes for 167 yards, two touchdowns and one interception.