Figueroa thanked the Red Storm in a tweet but added "Unfortunately, circumstances which are out of my control, forced me to transfer and look for a new opportunity."
"I'm looking forward to joining the University of Oregon and competing for a national championship," Figueroa wrote.
Figueroa had declared for the NBA draft in March before ultimately deciding to continue his college career.
He started 64 of his 66 games for the Red Storm over the past two years and scored 956 points.
Information from The Associated Press was used in this report.