Fredrick started 52 games the last two seasons and is a 47% career 3-point shooter.
Fredrick averaged 7.5 points per game last season and had 52 assists against 10 turnovers, with only six turnovers after Dec. 20. He missed four entire games and parts of three others because of a lower leg injury.
The Des Moines Register first reported Fredrick's plan to transfer.
The Hawkeyes could head into the 2021-22 season without as many as four starters from the team that went 22-9 and lost in the second round of the NCAA tournament.
The Hawks will lose Luka Garza, The Associated Press national player of the year, and Joe Wieskamp announced last week he would go through the NBA draft process while maintaining eligibility. Jordan Bohannon has been at Iowa for five years and could choose to return for a sixth under NCAA pandemic eligibility rules.
Connor McCaffery, son of coach Fran McCaffery, will be back for his senior season.