He graduated high school in 2007, and entered Kentucky in the fall of 2007. He transferred to Illinois in January, 2008, and became eligible in January, 2009.
Alen Legion is officially listed on the Illinois roster as a junior-
http://www.fightingillini.com/sports/m-baskbl/mtt/legion_alex00.html
However, I he is still in just the middle of his second season of eligibility, which would leave 2 1/2 seasons of remaining eligibility.
But if he transfers to a lower division school (Division I or II) he would still have to wait until the start of next season to play, but he would then have 2 full seasons of eligibility left. D2 and D3 do not allow a transfer to become immediately eligible if they transfer in at mid-season.
If he transfers to another D1 school, he would have to sit out another year, and he would lose that entire year of eligibility, since he has already used up his 1 year to "redshirt" when he transferred from Kentucky to Illinois. So I think he would have 1 1/2 years left to play at another D1 school.
There are already rumors about where he might transfer.
There are 2 MVC schools with connections to former coaches of Legion:
SIU- where Chris Lowery has a close relationship with Bruce Weber. However, right now I doubt the Legion family is feeling closeness to Weber.
ISU- Tim Jankovich is a friend and former collegue of Billy Gillispie, who originally recruited Legion to Kentucky. They were both once assistants under Bill Self at Illinois. However, I also don't think the Legion family holds Gillispie in high regard either, as they feel he promised more playing time at Kentucky, which didn't happen, and is the reason he left there.