Jolly was told on Monday he was to be delisted by the Pies.
The veteran ruckman has reportedly not ruled out playing on with another club in 2014.
Collingwood coach Nathan Buckley promised there would be some hard questions asked about personnel and culture at the club in the wake of the shock elimination final defeat by Port Adelaide at the weekend which ended the Magpies' season.
Jolly, who turns 32 before next season, has played just nine senior games in an injury-interrupted year.
The emergence of youngster Brodie Grundy as the Magpies' No.1 ruckman has also restricted Jolly's late-season opportunities.
He was not selected in Collingwood's side for the Port Adelaide loss.
Jolly is a dual premiership player - with the Sydney Swans in 2005 and Collingwood in 2010. He has played 237 games across three clubs since joining Melbourne in the 2001 rookie draft.
It's expected the club will make a statement on Tuesday regarding its list changes.
