Prater, a 6-foot-5, 215-pound target, is looking to move to a Chicago-area school, likely in the Big Ten, and intends to work quickly in making a decision.
"I'm hoping to be somewhere pretty soon," Prater said in an interview with Scout.com. "I'm looking to play in state, at maybe Illinois, Wisconsin or Northwestern."
With USC not eligible to play in a bowl game, Prater returned home to Hillside and discusses his intentions to transfer with family members. He told USC head coach Lane Kiffin about the decision last week.
"I just told (Kiffin) it was a decision that was best for me and my family," Prater said. "It had nothing to do with USC. I love the school."
Prater redshirted during his freshman year after battling through injuries. Prater was seldom used in 2011, playing in 10 games and accumulating just one catch.
Prater has three years of eligibility left. Despite a rocky run with the Trojans, his potential is still very high.
"He's a very talented kid; the same one we ranked very highly coming out of high school," Trieu said of Prater, the second-ranked receiver in the 2010 recruiting class. "Early injuries affected him at SC and I think a fresh start could allow him to capitalize on that talent."
Prater is planning to speak with college coaches now that his transfer is official.
"I think my phone will go off tomorrow after the news today," Prater said. "I'm looking forward to it, I'm anxious, though."
Stay with Scout.com and PurpleWildcats.com for this developing story.