Essendon cut Alwyn Davey after 100 games for the club.
As a highly respected member of the Essendon playing group it's sad to see 'Froggy' depart the club," Essendon list manager Adrian Dodoro said.
"Unfortunately at this time of year we have to make tough decisions about our playing list and this is one of them.
"To play 100 games and kick 120 goals over seven seasons as a small forward is a terrific effort and we wish Alwyn and his young family all the best for the future."