Franks, who began the 2019 season as the Gators' starter before a season-ending injury in September, announced the news on social media.
Since 2016, Franks appeared in 27 games for Florida, starting 24. He threw for 4,593 yards, 38 touchdowns and 17 interceptions with the Gators. In two years under coach Dan Mullen, Franks passed for 3,155 yards with 29 touchdowns and nine interceptions while completing 61.5 percent of his passes.
As a graduate transfer, he'll have one year of eligibility remaining. He does not have a redshirt available to use -- he redshirted as a true freshman at Florida in 2016 -- but he could potentially apply for a medical hardship waiver for an additional year since he missed most of the 2019 season with a dislocated ankle.
Hicks was a senior who exhausted his eligibility, Starkel transferred, Jefferson was a true freshman, Lindsey was a junior, and Jones was a redshirt freshman.
Franks joins an Arkansas team that also has a new staff, led by coach Sam Pittman and offensive coordinator Kendal Briles.
Florida won all three games Franks started last season, including the 29-21 victory over Kentucky in which he suffered the injury. He was 12-for-17 passing in that win, throwing for 174 yards, a touchdown and an interception, before Kyle Trask replaced him. Trask went on to go 8-2 in starts for the Gators, losing only to Georgia and LSU.