The Knicks had been searching for a veteran point guard to help mentor rookie point guard Frank Ntilikina, whom they drafted with the No. 8 pick in the 2017 draft.
Sessions, a 10-year veteran, was limited to 50 games last season with the Charlotte Hornets because of a meniscus injury. He averaged 6.2 points and 2.6 assists per game for the Hornets. New York's agreement with Sessions was first reported by The Vertical.
It is unclear at this point whether the Knicks project Sessions, 31, as their starting point guard for the coming season. They have Ntilikina and combo guard Ron Baker as potential starters.
The club also has interest in trading for Cleveland Cavaliers point guard Kyrie Irving. New York is one of six teams that had made an offer to Cleveland for Irving earlier in the week, according to ESPN's Adrian Wojnarowski. Irving told the Cavaliers that the Knicks, San Antonio Spurs, Minnesota Timberwolves and Miami Heat were the teams that he'd prefer to be traded to if the club honors his trade request, per ESPN's Chris Haynes.
Last week, the Knicks told teams that they would not include Kristaps Porzingis in a trade for Irving, per ESPN sources. They would be open to dealing Carmelo Anthony and at least one future first-round pick for Irving, per sources. But sources earlier this week said that Anthony's top priority in any trade is to be sent to the Houston Rockets.
New York has a small amount of salary-cap space available, so any future free-agent signings will have to be made via the veterans minimum. Sessions' veterans-minimum exception is worth $2.33 million.