Coach Lance Leipold said in a statement Wednesday that Jackson has placed his name into the NCAA transfer portal.
Leipold said he and Jackson have had "good open talks" regarding the future and added that the player is considering all options, including staying at Buffalo.
Being placed in the portal allows players to have contact with other schools. Jackson is a redshirt junior who already has graduated, which would allow him to transfer and immediately play next year.
Jackson was the Mid-American Conference offensive player of the year, helping Buffalo set a single-season record in victories and clinch its fourth bowl appearance. The Bulls finished 10-4 following a 42-32 loss to Troy in the Dollar General Bowl on Saturday.
Jackson finished with a career-high 3,131 yards passing for 28 touchdowns, one short of matching the school's single-season record, and 12 interceptions this season. He also scored seven touchdowns rushing.
Overall, Jackson has completed 56 percent of his passes for 6,999 yards with 49 touchdowns and 24 interceptions in 32 career games.
Buffalo is losing its top receiver, Anthony Johnson, to graduation.