Pyne, who will have three years of eligibility at his next destination, is not planning to play in the team's bowl game, sources told ESPN on Friday.
Pyne expressed his appreciation for the Irish football program and community in Friday's social media post.
Pyne started 10 games for Notre Dame this season, leading them to an 8-2 record and finishing No. 20 nationally in individual quarterback efficiency. He threw 22 touchdown passes and six interceptions, rushing for 108 yards and two more scores while completing 64.6% of his passes.
He had a 4-1 record against top-25 teams, which was the most wins against top-25 competition at Notre Dame in the past decade.
Pyne's production at such a high-profile school should create a strong market for his services. Pyne's likely last game at Notre Dame highlighted his efficiency and skill set, as he completed 23 of 26 passes for 318 yards in a 38-27 loss to USC. His decisiveness in the pocket stood out to opposing coaches, as they characterized him as a quick-twitch thrower.
Pyne took over as Notre Dame's starter against Cal on Sept. 17 in the wake of the upset loss to Marshall. He energized the program after it began the season 0-2 and led it on a run of eight wins in nine games.
Pyne is a 6-foot, 205-pound quarterback from New Canaan, Connecticut, who is a former ESPN 300 recruit. He chose Notre Dame over a long sheet of offers that included Alabama, Michigan, Oklahoma and Auburn.
Pyne was an accomplished high school quarterback, finishing as New Canaan High School's career leader in passing yards and touchdowns.