"Unfortunately, in light of the uncertainty around the health and safety in the midst of the COVID-19 pandemic, I have to set my wishes aside for the wellness of my family, community, and beyond," said Bateman after expressing gratitude for his time with the Golden Gophers.
Bateman produced a breakout year last season, racking up 60 catches for 1,219 yards and 11 touchdowns to earn the Big Ten wide receiver of the year award.
The 6-foot-2, 210-pounder is viewed as potentially one of the top receiver prospects in the draft and a possible first-round pick.
Bateman is the second big-name player to decide against another season in college in favor of getting an early start on preparing for the NFL. Virginia Tech cornerback Caleb Farley, another potential 2021 first-round pick, announced his opt-out decision at the end of July.