The Altoona Mirror reported that Devlin is considering transferring to a Division I-AA school, allowing him to avoid sitting out next season.
Delaware, James Madison and Villanova are believed to be in the running for Devlin's services, according to the Mirror.
The highlight of Devlin's career with the Nittany Lions came in a 13-6 win at Ohio State. He replaced starter Daryll Clark, who had been injured, and led the game-winning scoring drive.
Devlin set the Pennsylvania career passing record with 8,162 yards at Downingtown East High School. He initially committed to Miami before settling on Penn State.