Fletcher, a former ESPN 100 prospect from St. Louis, played just nine games for the Wildcats this season and was asked to step away from the team for a week back in December.
"Although this season did not go the way any of us wanted to, being a part of the Kentucky men's basketball program has been a great experience," Fletcher said in the statement. "I would like to thank all of my coaches and teammates and especially the Big Blue Nation for making my time here so special. I grew so much this season, not only on the court but as a man and I'll be forever thankful for this opportunity."
The 6-foot-6 small forward was visibly upset toward the end of Kentucky's loss to North Carolina in December, and two days later John Calipari announced that he had "asked Cam Fletcher to take some time and step away from the team."
"He needs to reflect and do some soul searching to get his priorities in order," Calipari said in a tweet at the time. "Any attitude or actions that are detrimental to this team will not be tolerated -- and that goes for everyone on the team."
Fletcher apologized for his actions at the end of the Carolina game.
Fletcher returned to the team a week later, but he played in just two games the rest of the season. He played one minute against Missouri in February, and then saw about six minutes in the regular-season finale against South Carolina.
He averaged 1.7 points and 1.7 rebounds in nine games this season.
"Cam came so far as a teammate and as a player this season," Calipari said in the statement. "He improved in all areas and I wish he would have had more opportunities to show everything he worked on. He matured as a person this season and I know he will have great success in whatever path he chooses. I support his decision and I will do anything to help him with his career."