Chennault, who started all 31 games for the Deacons this past season, is leaving the program to be closer to his family in the Philadelphia area.
"This was a tough decision to leave my teammates at this point in my career, but at the end of the day I have to do what's best for me and my family," said Chennault. "This was a personal choice that has nothing to do with basketball.
"I want to thank the Wake Forest community and Deacon fans for supporting us the past two seasons. I will always be a Deacon at heart and a part of the Wake Forest family."
Chennault was third on the team with 9.0 points per game and also led the team and ranked in the top 10 in the ACC with 2.8 assists per game.
"We appreciate Tony's efforts the past two seasons and respect his wishes to be closer to home for family-related reasons," said Bzdelik. "We wish him the very best."
In 46 career games, Chennault averaged 7.5 points and 2.5 assists. As a freshman in 2010-11, the 6-2 guard out of Philadelphia missed 17 games after breaking his foot in the season opener.