Penn State senior guard Tim Frazier played in only four games this past season before tearing an Achilles tendon in November.
Frazier petitioned the NCAA for a fifth year of eligibility and on Wednesday, the NCAA granted his request.
Frazier averaged 18.8 points, 6.2 assists and 2.4 steals in 2011-2012, his last full season.
"Tim has shown tremendous will, perseverance and leadership as he continues his rehabilitation from a very tough injury," Penn State coach Patrick Chambers said in a statement. "We are thrilled for him that he will have the opportunity to finish his career strong and again place himself among the top players in the nation."
Penn State finished last season 10-21 (2-16 Big Ten). The Nittany Lions, with Frazier returning, will have three players who averaged in double figures. Beside Frazier, guards D.J. Newbill (16.3 points) and Jermaine Marshall (15.3 points) will be counted on to provide some punch.