The university announced the donation Thursday. It will go toward construction of a new student housing facility and establish a football scholarship endowment in Peterson's name.
The university says this is the largest gift to the athletics department from a former football player. Peterson says he's been thinking about doing this "for a long time" and that he always hoped to be in a position to give back once he left school.
Peterson starred for the Sooners from 2004 through 2006 before the Vikings made him the seventh overall pick in the 2007 NFL draft.
The football team's meeting room will also be renamed in Peterson's honor.