Whitt played in all 32 games as a freshman for the Razorbacks (16-16), averaging 6.1 points per game.
"I have enjoyed my experience at the University of Arkansas, but I feel like it's time for me to make a change," Whitt said. "This was a very difficult decision for me and my family. I wish the Razorbacks and my teammates nothing but success in the future."
The highly recruited 6-foot-4 guard from Columbia, Missouri, played well to begin his first season at Arkansas -- scoring in double figures in five of his six games. However, he scored in double figures only four more times in the season and shot only 38.7 percent from the field.
Anderson said, while not agreeing with Whitt's decision, he wishes him the best moving forward.
"After meeting with Jimmy, although I don't agree with his decision, I respect it," Anderson said. "I had the privilege of watching Jimmy grow up over the years and it was a pleasure coaching him during his freshman season. We wish him and his family the best as he pursues another institution to continue his collegiate career."
The Associated Press contributed to this report.