Gray said he would try playing wide receiver as well as continuing at quarterback, where he was listed as the second-team QB on the spring practice depth chart.
"I appreciate coach [Mark] Richt's patience while I made this decision and his helpful advice. Now, I want to put all of this behind me and focus on getting to work on preparations for next season at UGA," Gray said in the statement.
The school announced last month that Gray, the only scholarship player currently behind No. 1 quarterback Aaron Murray, had met with Richt to discuss his future with the team.
That news came as Murray, a freshman, ended spring practice as the No. 1 quarterback after Richt kicked Zach Mettenberger off the team for violating team rules.
The team's only other scholarship quarterback is 2010 signee Hutson Mason, a Parade magazine All-America pick from near Atlanta, who is expected to enroll in the fall.
"I'm extremely pleased that Logan has decided to remain a Bulldog," Richt said. "He's an outstanding player and a great person as well. We're fortunate to have him and he'll be an important part of our team over the next two years."