The Orlando Sentinel , citing a source with direct knowledge of Bortles' decision, earlier reported Bortles would forgo his last year of eligibility.
The redshirt junior is expected to make his decision official during a Monday morning announcement.
Bortles is considered one of the top quarterback prospects in this year's draft class.
Bortles passed for 3,581 while leading 12-1 UCF to an American Athletic Conference title and a win in the Tostitos Fiesta Bowl.
He threw 25 touchdown passes for the second straight year, and he also ran for six touchdowns this season.