Hibberd's new deal will see him extend his services in the red and blue until the end of the 2022 season, capping off a stellar year as a member of the Demons' drought-breaking campaign.
The 31-year-old joined Melbourne from Essendon at the end of the 2016 season, now playing 89 games for the Demons in his five seasons at the club.
Speaking on the announcement, Demons list manager Tim Lamb commended Hibberd's efforts to battle through setbacks, stating his excitement to have the defender re-sign.
“We are rapt that Michael will be going around again next year,” Lamb told Melbourne Media.
“After missing a large portion of the last pre-season with injury, Michael fought his way back into the AFL side and played a critical role in our premiership success.
“We are confident that with a full pre-season under his belt, he will have a really strong 2022 season.”
Hore and Declase will both depart Melbourne after not featuring in their 2021 season, with the former having battled an ACL injury that kept him sidelined for the entirety of this year.
Hore showed plenty of promise in his 14 appearances with the Demons in 2019, however faced multiple setbacks with injury.
Declase was recruited to the Demons via the 2021 Mid-Season Rookie Draft following an impressive spell with Werribee.
“We thank both Marty and Kye for their dedication and commitment to the club,” Lamb added.
“This is always a difficult time for everyone involved and we would like to wish both players all the best for their future endeavours.”
The duo of delistings join Aaron vandenBerg, Jay Lockhart, Aaron Nietschke and Austin Bradtke in departing the club this off-season, while Nathan Jones and Neville Jetta have announced their retirement from the game.