Memphis phenom freshman guard Derrick Rose announced on Tuesday that he will forgo the final three years of college eligibility and will enter the NBA draft, ESPN.com is reporting.

Rose is currently ranked as the second overall pick, behind Kansas State's Michael Beasley, in the latest RealGM mock draft.

"This is not a step I take lightly, although it has always been a dream of mine to play in the NBA. After weighing all of the options -- with which I am blessed -- I feel that it is the right time for me to take this step," Rose said in a statement released by Memphis. "My only regret is not winning a national title for the University of Memphis."