"It's like 80 percent that I'm staying," Edwards said Monday. "After the Rose Bowl, I'll investigate matters. It's about what's best for me and my family."
Fourth-ranked Michigan will face No. 1 Southern California in the Rose Bowl.
The 6-foot-3, 205-pound junior leads Michigan's talented receiving corps with 75 catches, 1,031 yards and 14 touchdowns.
Edwards caught 67 passes for 1,035 yards and 10 TDs as a sophomore.
Less than two months ago, Edwards said he would return next season because he wanted to win a national championship and earn his degree. Professing his love of Michigan football, Edwards said his decision would not change even if he was projected as a top-10 pick.
Edwards said he did not regret his previous comments or what he said Monday.
"I like to keep controversy going," he said. "I'm not mad about what I said before. I said it and I meant it, and now I'm getting feedback on it. It's not guaranteed that I'm staying, and I'm not saying that I'm leaving."
Michigan coach Lloyd Carr was on a recruiting trip and was not available for comment.
Edwards said he had not talked to Carr about his decision.
"If he's surprised, that means he's not thinking outside the
box," Edwards said. "You've got to be real with a decision like this. We're going to talk.
"He'll try to advise me to stay, but he will not beg or plead. Coach Carr will be supportive either way it goes, that's just the kind of guy he is."