Sessions' agent, Jared Karnes, confirmed to ESPNLosAngeles.com that Sessions and the Bobcats agreed to a two-year guaranteed contract on Thursday.
Financial terms of the deal have not been announced.
Sessions replaces D.J. Augustin, whose qualifying offer was rescinded earlier Thursday. The move made Augustin, last year's starting point guard, an unrestricted free agent.
Sessions is entering his sixth season and averaged 12.7 points, 6.2 assists and 3.8 rebounds per game last season for the Lakers with 19 starts. He's previously played for Milwaukee, Minnesota and Cleveland and has averaged 11.1 points and five assists per game during his career.
Sessions opted out of his contract with the Lakers to sign with the Bobcats.
It's unclear at this point who'll be the team's starting point guard. The Bobcats drafted Kemba Walker with the ninth pick in last year's draft and owner Michael Jordan likes the savvy of the former Connecticut star, although he's a little undersized at 6 feet 1. Jordan had a major role in the decision to draft Walker, who played in spurts last season and had one triple-double as a rookie.
Augustin leaves after four seasons with the Bobcats.
He was Charlotte's ninth overall pick in the 2008 draft.
By rescinding Augustin's qualifying offer, the Bobcats saved about $4.4 million under the salary cap -- money they turned around and used to sign Sessions.
Augustin initially was selected by the Bobcats with the ninth overall pick in the 2008 NBA Draft. In four NBA seasons, he played in 282 games for the Bobcats with averages of 10.9 points, 4.4 assists and 2.0 rebounds but struggled at times with shooting. Last year, he played in 48 games, averaging 11.1 points, 6.4 assists and 2.3 rebounds.
Information from The Associated Press was used in this report.