The Wolverines have scheduled a news conference for Sunday afternoon, where Burke will announce his decision.
Burke, the winner of all four major player of the year awards this season, led Michigan to the national championship game against Louisville, where the Wolverines lost, 82-76.
The point guard from Columbus, Ohio, had a record-setting season with the Wolverines, breaking the school's single-season assist record with 260. In his two years in Ann Arbor, he led Michigan to a shared Big Ten championship last season and then its first Final Four in 20 years this season.
He has averaged 16.9 points and 5.7 assists in his two-year career and was named the Big Ten's Player of the Year this past season.
Burke almost left for the NBA last season, but returned in part to help raise his draft stock and also because he was unhappy with the way Michigan's season had ended with a second-round loss to Ohio in the 2012 NCAA tournament.
He accomplished both of those goals, helping Michigan reach the national title game and improving his draft status to the point where ESPN's Chad Ford has him as a likely lottery pick.