The Gators confirmed the news Tuesday, after McGee thanked the NCAA on Twitter.
McGee applied for a sixth year of eligibility after breaking two bones in his lower left leg in the season opener against Eastern Michigan. His return is considered a big boost for new Florida coach Jim McElwain, who is looking for offensive playmakers to rejuvenate a stagnant program.
McGee earned his undergraduate degree last summer at Virginia and transferred to Florida for graduate school. He was eligible to play right away under an NCAA rule that waives transfer rules for graduate students.
The 6-foot-6, 245-pound McGee led the Cavaliers with 43 receptions for 395 yards in 2013.