Polec, a No.5 draft pick, has a desire to return to his home state of South Australia, and join fellow 2010 draftee Patrick Karnezis (no.28), who is seeking a return to Victoria.
The out-of-contract class of the 2011 NAB AFL Draft is also yet to be re-signed, with Billy Longer (No.8), Sam Docherty (No.12) and Elliot Yeo (No.30) all considering their futures.
Polec came to the club with a big reputation as a smooth running, left-footed wing-man, but has struggled in his three seasons with both form and injury, playing just 16 games.
General manager of football operations Dean Warren said after investing so heavily in Polec, the club was disappointed in his decision.
"We’re also disappointed he doesn’t wish to be a part of a future that has seen Tom Rockliff, Jack Redden, Daniel Rich, Matthew Leuenberger, Pearce Hanley, Mitch Golby and Dayne Zorko commit for the long-term," Warren said.
Warren told AFL.com.au on Tuesday the Lions would not be giving away Polec, Karnezis or any of the other out-of-contract youngsters cheaply.
He said it would be nice for the yet-to-be-announced coach to replace Michael Voss to have a chance to speak to them first.
"They're required players and we'll be doing what's best for our footy club in trying to retain their services," he said.
"If they do go, we need to get fair value for them and look after our needs.
"With some of them, a very good deal needs to get done for that to happen. We're not going to give them away."
Twitter: @AFL_mikewhiting
