The promotions of the two 21-year-olds will be made official at the NAB AFL Draft on November 21.
Walker, a 196cm key forward, played three senior games in 2013, taking his career tally to 10.
Medium forward Burbury made his debut this year, finishing the season with two senior games to his name.
"Both Josh and George are terrific people who we believe can play significant roles for this football club going forward," Geelong football manager Neil Balme said.
"Despite their age, both were leaders in our VFL side and have shown they have the ability to take the step up to regular AFL football."
The Cats will now have three live selections in the draft, at picks 16, 36 and 41, and three selections in the December rookie draft
