Per ESPN's Jeff Goodman, Bowen doesn't intend to sign with an agent if he declares so he can maintain his college eligibility.
"I just felt that it was the right decision," Bowen said. "My goal is still to play college basketball, but I felt as though it makes sense to cover my bases."
Bowen originally committed to Louisville in June 2017. He was suspended from all athletic activities at the school in September after featuring prominently in the FBI probe into corruption and bribery in college basketball.
Per ESPN.com, Bowen's family was identified in federal prosecutors' allegations against Louisville as receiving a $100,000 payment from Adidas to play basketball for the school.
Jason Setchen, Bowen's attorney, told reporters in November that Bowen had been cleared of "investigative impediments" and was eligible to be reinstated by Louisville.
Goodman noted NBA executives project Bowen as a potential second-round draft pick, while also acknowledging they don't know how to evaluate him because it's been a year since he played basketball.
B/R's Jonathan Wasserman doesn't have Brown listed among his top 50 draft prospects for 2018 on his most recent big board.