Saunders, who made his debut this year, joins Jackson Callow (delisted), Connor Downie (delisted), Kyle Hartigan (delisted), Daniel Howe (delisted) and Tom Phillips in having been delisted this off-season.
Making his first and only appearance against the Bulldogs in Round 23, Saunders leaves Hawthorn after 12 months at the club, having joined through last year's Rookie Draft.
“Jack has been a great character and teammate during his time at the club,” Hawks list manager Mark McKenzie said.
“While these sorts of list changes are necessary at this part of the year, we acknowledge it is a difficult time for those involved.
“We would like to thank Jack for his service and wish him well in his future endeavours.”