Begley, who is in the Irish squad for the Toyota International Rules series, was delisted after playing 29 games for the Lions since being recruited at the end of 2005 from county Laois.
The 22-year-old played 19 AFL matches in 2007 but could only manage eight this season due to a quad injury.
Begley was listed as an international rookie in 2006, 2007 and 2008, and because he does not turn 23 until next year, is eligible to be to be picked up as a rookie by any club next season.
Begley is the latest delisting at the Lions, joining Matthew Moody, Robert Copeland, Wayde Mills, Hayden Kiel and Chris Schmidt in being shown the door.
Anthony Corrie has been traded to Collingwood and Nigel Lappin has retired.
Rookie Scott Coulston has been elevated to the main list.
Beau McDonald, who retired at the start of the season, has joined the club as part-time ruck coach, replacing premiership teammate Clark Keating.
McDonald, 28, played 91 matches with the Lions including the 2001 and 2002 premierships.
