The school announced Sunday that Newkirk is in good academic standing and will likely transfer to another Division I school, which would require him to sit out one season.
Newkirk averaged 5.9 points, 1.3 rebounds and 2.7 assists per game last season for the Panthers. He underwent microfracture surgery on his knee on May 6.
The Panthers had hoped the speedy Newkirk would develop into one of the ACC's better point guards but it never happened. He struggled finding his shot, making just 38 percent of his field goal attempts as a sophomore in 2014-15 as Pitt failed to make the NCAA Tournament.