O'Leary (17), a pupil at Kavanagh College, has received tempting approaches from both Harvard and Yale over the past six months.
''I have chosen to stay in New Zealand and study at the University of Otago,'' O'Leary told the Otago Daily Times.
''I want to continue my goal to row for New Zealand and to ultimately compete at the Olympics.
''My ultimate dream and goal is to row for New Zealand at world championships and Olympic level and I would never let anything get in the way of that.''
O'Leary said the key reason to choose Otago over the United States universities was ''to continue with my goal of becoming an Olympic champion. The best way for me to do that is to row for Otago and continue rowing in New Zealand.
''Harvard and Yale were interested in talking to me. They gave me a lot of information and made it easy for me to find out any information that I needed.
''It was an easy decision to come to Otago University. It's always where my heart's been.''
O'Leary formulated his goal of competing at the Olympics when he started serious rowing four years ago.
This is his final year at Kavanagh College and he plans to attend the University of Otago next year to start a BSc degree in human sciences and physiology.
His coach, John Parnell, said it was ''a wise decision''.
''Jack is on track under the Rowing New Zealand guidelines to achieve his ambition of representing his country at the highest level,'' Parnell said.
''New Zealand has a considerable reputation in the rowing world and Jack is on track to represent his country at the elite level.
''If he went to America, it could take him out of the loop and it would be very difficult for him to get back in.''
O'Leary made his mark on the international scene last year as a member of the New Zealand quadruple scull that won a silver medal at the world rowing championships.
At the New Zealand rowing championships at Lake Karapiro next week, he will be competing in the under-20 and senior single sculls, and the senior double sculls with Otago Rowing Club team-mate Mark Alm.
A month later, he will represent Kavanagh College at the Maadi Cup at Lake Ruataniwha.
''My target is to get into the New Zealand junior squad and bring home a gold medal from the world junior championships in Hamburg,'' O'Leary said.
Next season, he wants to get a place in the Southern RPC squad.
''After next year's club summer season, I want to row for the Otago University Rowing Club's senior men's eight.
''I will be trialling for the New Zealand under-21 squad in 2015 onwards, as this squad allows for university commitments to also be achieved. I will concentrate on the under-23 squad after that.''
