Watson Jr. played for his father at Boys' Latin in West Philadelphia and finished as the second-leading boys' scorer in city history. This season, the 5-foot-10 point guard averaged 13.3 points and 7.1 assists as a sophomore and helped Boston University clinch the Patriot League's regular-season title.
"I appreciate those who support my decision to chase my dream," Watson wrote on Twitter.
He committed to Boston University in August 2011, choosing the Terriers over Cornell, Penn, Princeton, Rice, and Texas Tech.
His father said they do not want this process to be lengthy. He expects his son to land at a new school within a month. Team Watson, a group of advisers helping in the search, has begun to look at schools and see which teams might need a player such as Watson.
One of those teams, Watson Sr. said, is Connecticut. The Huskies will lose point guard Shabazz Napier to graduation and both of his backups will graduate before Watson becomes eligible for the 2015-16 season.
Watson and Napier are friends and Napier told him that he would do "really well" under Huskies coach Kevin Ollie, Watson Sr. said.
The thought of transferring started after B.U.'s November loss at Connecticut. Watson scored 13 points and added six assists. Napier, one of the nation's top seniors, had 12 points and six assists.
"That's when the conversation started to creep in like, 'Look, we can run with the big guys,' " Watson Sr. said. "Not that we never questioned if we could, but that opportunity told us that now is the time to do it."