Marvin Williams Sr., told several North Carolina papers that his son -- along with Felton and May -- will hold a news conference at 1:30 p.m. ET to reveal their intentions.
"My last understanding is that they're going to do all three of them together," Williams Sr. told the Charlotte Observer.
The university, however, has not confirmed that the players will hold a news conference.
Felton and May were starters on the Tar Heels' national championship team while Williams was their top player off the bench. May was named the outstanding player of the Final Four. All three are projected as first-round selections.
May, a 6-foot-9 forward/center, averaged nearly 18 points and 11 rebounds while shooting 57 percent from the field and 76 percent from the free-throw line.
Felton, at 6-1, is one of the top point guards in the nation, averaging 13 points and 7 assists this season. Williams, a 6-9 forward who many believed would declare for the NBA draft right out of high school last year, averaged 11 points and 7 rebounds while shooting 51 percent from the field and 85 percent from the line.
If the three leave, North Carolina would lose its top seven scorers from its national championship team. McCants already declared for the draft and hired an agent. Seniors Jawad Williams, Jackie Manuel and Melvin Scott have used up their eligibility.