"Jamie informed me today that he will finish his eligibility at another school as a graduate transfer," Wake Forest coach Dave Clawson said in a statement. "We appreciate Jamie's contribution to our program's success and wish him well as he continues his career."
Newman passed for 2,868 yards and 26 touchdowns in 2019, his only full season as the starter. Overall, he went 10-6 over the past two seasons, passing for 3,959 yards with 35 touchdowns and 16 interceptions. He set a team record with 12 consecutive games with a passing touchdown, and added 821 rushing yards and 10 touchdowns the past two seasons.
Newman called transferring from Wake Forest a "tough decision" in a statement posted on Twitter.
"My decision has been primarily based on my need to develop further and my desire to stretch myself and prepare for the next level," Newman wrote. "I am thankful to Wake Forest for the opportunity and to my teammates, fans and coaching staff for a great season."
Newman's name appears in the NCAA transfer portal. Another Wake Forest quarterback, redshirt sophomore Tayvon Bowers, also has entered the portal. Wake Forest returns Sam Hartman, Michael Kern, Leo Kelly and incoming recruit Mitch Griffis at quarterback. Hartman started the first nine games of the 2018 season as a true freshman.