The announcement comes a day after Freshman Jabari Parker announced his decision to bypass his remaining three years of eligibility to enter the draft.
Hood, a second team All-ACC selection, finished the year ranked among the ACC leaders in scoring, field goal percentage, free throw percentage, three-point percentage and made three-pointers. He was the only player in the ACC to rank among the top 10 in each of those categories.
"Rodney had two terrific years here at Duke," Krzyzewski said in a press release Friday. "He was an integral part of our team two years ago because he was such a great practice player and this year he was one of the best players in the country."
The Meridian, Miss., native was a transfer from Mississippi State where he was named to the SEC All-Freshman team in 2011-12, Hood had the most points and three-point field goals in a first season by a transfer under Coach K.
"I want to thank Coach K, the entire coaching staff, my teammates and everyone involved with the Duke program for giving me this opportunity," said Hood in a statement. "Playing at Duke was a lifelong dream. Everything I experienced here has helped me grow and develop as a player and as a person. The fan support during the year I sat out and the year I played was something that I will remember for a lifetime. Now it is time to move on to the next level and chase my dream of becoming an NBA player. Duke played a large part in preparing me for this step and I am looking forward to making the most of it."