The Houston Rockets star's gift, which is the school's largest by a former basketball player or member of its alumni under the age of 35, will be used to "transform the men's and women's basketball clubhouses with expanded and enhanced locker rooms, nutrition resources and treatment areas."
"The locker room transformation project inspired me, because that's where players build relationships and create a unifying camaraderie that is the foundation of success on the court," Paul said in the announcement. "Forming lifelong friendships with your teammates is one of the most rewarding aspects of sports."
The men's team will be stationed in the Chris Paul Locker Room once the project is complete.
Paul spent two seasons at Wake Forest starting in 2003. He averaged 15.0 points, 6.3 assists, 3.9 rebounds and 2.5 steals across 63 appearances before the New Orleans Hornets selected him with the fourth overall pick in the 2005 NBA draft.
The 33-year-old North Carolina native, who earned First Team All-ACC honors in his final season with the Demon Deacons, has gone on to earn nine NBA All-Star Game selections during stints with the Hornets, Rockets and Los Angeles Clippers.