"I am ready to start a new chapter in my life," Dyer said in a statement released through Arkansas Baptist College, where he earned his associate degree this year. "I've learned from my past and feel that Louisville is the best place to play the second half of my collegiate career. I thank God for Coach [Charlie] Strong's belief in me. I am not going to let him down."
Dyer had considered other schools before choosing Louisville, which already will be his fourth collegiate stop. Dr. Fitz Hill, president of Arkansas Baptist, said Dyer also visited South Florida.
"I was looking for something other than a great football program," Dyer said. "I wanted a support system that would continue help me develop socially, emotionally and spiritually. Most people know that I can play football and I know that I am very capable academically. But this decision is about more than just football. It is about me as a person."
Louisville cannot comment on Dyer until he officially enrolls, but Louisville quarterback Teddy Bridgewater told ESPN's Joe Schad earlier this week that his teammates are open to Dyer joining the team. Dyer visited Louisville last week.
Dyer will be a junior and is eligible to play immediately for the Cardinals, who are ranked ninth in the USA Today preseason coaches' poll.
Dyer was offensive MVP of the 2011 BCS National Championship Game when he was a freshman at Auburn. After his sophomore year, he transferred to Arkansas State after he was suspended indefinitely by Auburn coach Gene Chizik for failed marijuana tests before the Chick-fil-A Bowl.
Hill advised Dyer to tell Strong he would submit to weekly drug tests.
He sat out last season after the NCAA denied his request to play immediately. He never played for Arkansas State. Dyer said last month that despite not playing football for a year, he had stayed in shape by running or training every day.
Dyer also testified last year that his weapon was used by former Auburn teammates in a robbery in 2011.
"Michael Dyer had not been criminally charged," Hill said. "People who fail to get second chances and some other people who will be playing on Saturdays have faced serious, federal or major charges. My perception of Michael has really changed over the months. He just wanted some help. I recommended him to Charlie."
Information from ESPN's Joe Schad was used in this report.