Overton posted the news to his Instagram on Thursday, confirming the original report by One3.
The role-playing guard averaged 7.8 points and 3.7 rebounds off the bench for a Red Raiders team that made the Elite 8 this past season.
Now, Overton will be joining an Auburn team that was knocked out of the Final 4 by the champion Florida Gators.
Overton started his collegiate career at Drake where he averaged 11.3 points per game as a starter. However, he only started once at Texas Tech in 36 games.