The 22-year-old midfielder will be in demand, with several clubs including Carlton, Melbourne, West Coast and St Kilda expressing interest in securing him.
Hawthorn had a productive meeting with the 22-year-old midfielder on Wednesday where all options were laid on the table and both parties agreed on a way forward.
Although he is contracted for 2014, the Hawks were very supportive of Savage and respectful of his position.
Savage would be an attractive proposition to clubs looking for young midfielders with around 50 games experience in a good system.
He has played 56 games, making his debut late in 2009 after being pick No.75 in the 2008 AFL National Draft.
Savage was a substitute in the 2012 Grand Final side and was selected as a sub in all three finals that year, but he missed out on selection in the 2013 premiership team after playing 15 games for the year.
Savage had an up and down season this year, being a standout in some games and then dropping away in others, however, he is considered a player on the up.
He struggled to find a permanent starting position in the Hawks' star-studded midfield and often entered games as a substitute.
He earned three Brownlow votes for his performance against St Kilda in round 20 but tailed off after that and was dropped for the finals.
However, he was a brilliant performer for the Box Hill Hawks during the finals series, kicking five goals and getting 28 disposals in the preliminary final.
He was also a strong performer in the Grand Final, helping Box Hill to an upset defeat over Geelong's VFL side.
He was in contention to play in the AFL Grand Final but missed selection and was named as an emergency.