Peoples-Jones announced his plans Saturday night on social media.
The 6-foot-2, 208-pound Detroit native had 103 receptions for 1,327 yards with 14 touchdowns over his three-year career.
Peoples-Jones had 34 receptions for 438 yards and six touchdowns and averaged a career-low 7.2 yards on 24 punt returns in 11 games this past season, a year after the best year of his career statistically. He had 47 catches for 612 yards with eight scores and averaged a career-high 10 yards on 25 punt returns with a touchdown in 2018.
No. 17 Michigan closed a fourth straight season with a setback in a bowl game with a loss to No. 9 Alabama in the Citrus Bowl.