Burke, the No. 9 pick in the 2013 NBA draft, has averaged 26.6 points per game on 49 percent shooting this season for the Westchester Knicks, New York’s G League team.
The Knicks have lost 10 of 13 and enter Saturday three games out of eighth place in the Eastern Conference.
Sessions began the season as the starting point guard but fell out of the rotation after an 0-3 start and was replaced by Jack.
New York is responsible for $300,478 of the remaining salary owed to Sessions, with the NBA picking up the remaining $857,270. His full $1.47 million salary will stay on the Knicks’ salary cap.
Through Saturday, Sessions had earned $1,170,904 of his $2,328,652 salary.
The club’s decision to waive Sessions was first reported by The Philadelphia Inquirer.
ESPN’s Bobby Marks contributed to this report.