The 31-year-old joined the AFL in 2008 with the Lions, going on to play 140 games with Brisbane before moving to the Suns in 2016.
The Irishman told his teammates of his decision on Wednesday, saying he was excited for the next step in his career.
“I feel good, it’s obviously been on my mind for a while and I made the decision a few days ago and haven’t had any regrets since, it’s obviously a big decision but I’m ready for it,” Hanley said.
“I think great clubs are built off great people and the SUNS have that, I’ll continue to be on this journey with them, but I’ll be watching on from the stands.”
“I’m excited for the next phase in my life and looking forward to sinking my teeth into that.”
Suns general manager of football operations Jon Haines applauded Hanley’s career and service to the club.
“On behalf of the club, we would like to take this opportunity to thank Pearce for the impact he has made at the Gold Coast SUNS. With an emerging group, the need to have experienced players who can help drive and lead our playing group has been critical to the club’s development. Pearce will always be an important part of the SUNS family and we wish him all the best for his future endeavours,” Haines said.
Hanley’s decision will take immediate effect as he looks to take on a new career path.