Ray Meyer, 68, announced yesterday in Chicago he will return for his 41st season as head coach atDe Paul University, but Terry Cummings, the Blue Demons' junior all-America star, said he will be available for the National Basketball Association draft.

Meyer, with a career record of 676-339, said a different type of De Paul team could be expected next season.

"From Dave Corzine to Mark Aguirre to Terry Cummings we have played through the superstar," said Meyer. "Now we will be a different team. We will be a good team but I don't know if we will be great."

De Paul has gone 79-6 during the last three seasons. But each season ended with a loss in the first game of the NCAA tournament.

"We have built a monstrosity at De Paul by winning so much and then losing in the NCAA," said Meyer, whose loss to Boston College this past season was such a disappointment that he contemplated retirement.

Explaining his decision to turn pro, Cummings said, "There are more important things than education, like family." Cummings said he is only a year and a half from getting his degree in communications and he plans to return during the summer.

In Virgie, Ky., it was announced that Kentucky's 1982 Mr. Basketball, 6-foot-8 Todd May, was likely to sign a national letter-of-intent with the University of Kentucky. He had narrowed his choices to Kentucky, Wake Forest and Vanderbilt. . . Sam Nassi said he expects his NBA team to play next season in Indianapolis. There had been reports the franchise would fold or move.

Locally, forward Andre McCloud, who averaged 20 points, 12 rebounds and four assists for H.D. Woodson last season, has signed a letter of intent to play at Seton Hall.