Levis, who could have applied for another year of eligibility because of the disruption of the 2020 season due to the COVID pandemic, said he'll be making a decision on whether to compete in Kentucky's bowl game soon.
"I'll make an official announcement once I feel it's necessary and appropriate," he said. "But I do believe after this year I'll be declaring."
Levis started his career at Penn State before transferring to Kentucky in 2021.
Levis (6-foot-3, 232 pounds) flashed pro potential last season, throwing for 2,827 yards and 24 touchdowns. He also rushed for 376 yards and nine touchdowns.
A turf toe injury limited Levis this past season, however. Levis missed one game and his rushing totals dipped significantly (minus-107 yards, two touchdowns), as Kentucky went 7-5. He threw for 2,406 yards, 19 touchdowns and 10 interceptions.
In other news for the Wildcats, running back Kavosiey Smoke is in the NCAA transfer portal as a graduate transfer, sources told ESPN.
Smoke has run for 1,583 yards, 13 touchdowns and averaged 5.4 yards per carry in his five seasons with the Wildcats.
Kentucky will learn which bowl game it will be competing in on Sunday.