Clarke, 26, played 96 games for the Hawks after being picked 33rd overall in the 1999 NAB AFL Draft but along with Zac Dawson, Luke McEntee and Garry Moss was told by the club his time was up on Thursday.
"Tim has been an outstanding servant for the Hawthorn Football Club," club general manager of player personnel and strategy Chris Pelchen said.
"Apart from being one of the most popular and committed players for our club in recent years, the leadership and values that Tim has brought to the football club were of the highest standard and have provided a firm foundation on which to develop our young list."
Promising small forward Cameron Stokes played nine games as a rookie this year and has been elevated to the senior list for next season. Veteran Shane Crawford has also indicated he will continue with the club next year and will be signed to a one-year contract.
Veteran Danny Jacobs, who played 126 games with the Hawks and Essendon, was forced into retirement by injury earlier in the season.
Dawson, 22, did not add to his 14 senior games this season after making his debut in round 21 of 2005. The key position prospect was being groomed for the full-back role during a 12-game stint in 2006, but his confidence received a battering after Anthony Rocca kicked eight goals on him in round two of that year.
Moss, 20, made his debut against Fremantle in round seven of 2007, but went straight out of the side the next week and had his efforts to add to his career tally were hampered by injury.
McEntee, a ruckman picked up from SANFL club North Adelaide, failed to make his debut after his two years at the club were dogged by persistent hamstring injuries.
