Warnock, 30, has played 87 games for Melbourne and the Suns, but just six this season, as he was overtaken in the key defensive posts by Steven May and Rory Thompson.
Fellow defenders Jeremy Taylor and Jackson Allen were also delisted, along with utility Jack Hutchins.
Rookie Leigh Osborne was also cut from the squad.
The delistings follow the retirements of Nathan Bock and Tom Murphy, the sacking of Campbell Brown and the departure of Karmichael Hunt to the Queensland Reds.
The Suns had to reduce their senior list from 40 players this season to 38 for next year, in line with the rest of the AFL.
It is believed current rookies Andrew Boston and Josh Hall are being looked at as potential upgrades.
Hutchins has played 19 games in his four seasons at the club, while Taylor has been restricted to 10 in the same period – and none since 2012 – due to a host of injuries.
Allen is in a similar boat, having played just four senior games in his three seasons, and none this year.
Osborne played one game in 2013.
