Burke, the consensus national Player of the Year, officially announced Sunday he would forgo his final two years of eligibility with the Wolverines to enter the draft.
"It's always been a dream for me to play in the NBA," Burke said.
A likely lottery pick according to ESPN.com draft analyst Chad Ford, Burke returned to Michigan with the goals of taking the Wolverines deep into the NCAA tournament and improving his draft stock.
He moved up in the draft, won every major Player of the Year award and led the Wolverines to their first Final Four since 1993.
Burke became Michigan's first Wooden Award winner this season and the first player since Cazzie Russell to win any of the major player of the year awards.
The Columbus, Ohio, native broke the single-season assist record of his predecessor, Darius Morris, with 260 this season. He averaged 16.9 points and 5.7 assists in his two-year career.
Burke finished seventh in career assists at Michigan with 416 assists. His 727 points this season was the fifth-best single year at Michigan and 32nd in career points with 1,231.
"He filled a great void and did it as well as anyone here ever has done," Michigan coach John Beilein said.