Colburn made the announcement at his South Carolina high school Wednesday, and Wake Forest coach Dave Clawson tweeted out the news after the school received his letter of intent.
Colburn drew widespread attention after Louisville inside linebackers coach Tony Grantham told him on Feb. 2 that there was no scholarship available for him in 2015. Instead, he was asked to grayshirt, delaying his enrollment until 2016.
Colburn, South Carolina's Mr. Football, had been committed to the Cardinals since June, and was taken aback with the news. Many schools offer grayshirts to recruits as a way to hang on to players when they have a full signing class.
Grantham told Colburn that the Cardinals needed his scholarship for defensive backs after three left early for the NFL draft.
Colburn said he was completely blindsided because he was told so close to signing day -- with no warning -- that this might be a possibility. His high school coach, Tom Knotts, was so upset that he announced Louisville coach Bobby Petrino and his staff were barred from recruiting at Dutch Fork High.
As soon as Wake Forest saw what had happened, the Deacons offered a scholarship. Colburn took a visit there this past weekend as well as Georgia Southern.
He chose Wake Forest over Georgia Southern, Furman and Marshall.
"It's just a blessing in disguise," Colburn told The State newspaper last week. "I have to look at it as one door closing and another door opening. That's what I have to look at it as."
Wake Forest and Louisville, who are in the same division in the ACC, play each other Oct. 30.
Colburn Lands At Wake After Louisville Snub
ESPN national recruiting reporter Jeremy Crabtree discusses high school running back Matt Colburn's commitment to play at Wake Forest.
Petrino Banned From HS After Pulling Offer
Mike Golic and Mike Greenberg react to the news that Louisville coach Bobby Petrino pulled a scholarship offer from RB Matt Colburn two days before national signing day and is no longer welcome at his high school.