Essendon released a statement on its website saying it would not give Lovett an AFL lifeline, instead focusing on developing its list from within.
In The Age on Wednesday, Lovett expressed his desire to return to the Bombers after being traded by the club to St Kilda at the end of 2009.
"We are in the process of building a list and we are committed to the strategies we are employing. We are respectful of Andrew's contribution as a past player but unfortunately he doesn't fit our plans for the future," Essendon general manager of football operations Paul Hamilton said on essendonfc.com.au.
"We wish Andrew the best with his future endeavours including his ambitions to gain another opportunity within the AFL system."
Lovett played 88 games for the Bombers between 2005-09 before being traded to the Saints, where he was sacked without playing a game for the club after being charged with sexual assault. He was acquitted of the charge in July.
Follow Callum Twomey on Twitter at @Cal_Twomey.
