Shipley played six games for the Giants since joining the club in 2016, making his debut in 2018.
After just two games that season, the 22-year-old would not appear until this year, playing six matches for the Giants in total.
Hutchesson made just the one appearance for Greater Western Sydney, featuring in the club's clash with cross-town rivals Sydney in Perth last year.
The 26-year-old had joined the Giants in 2019 as a mature-aged recruit via the National Draft.
“Nick is a great example of someone who tried Australian football purely as a result of the existence of the GIANTS’ Academy in Western Sydney,” Giants football boss Jason McCartney said.
“He should be really proud of being the first AFL player to come out of the GIANTS’ Western Sydney Academy and what he’s achieved over the past five seasons.
“Tom hasn’t had much luck with injuries across his two years with the club but his work ethic and the energy he brought to the group was a great asset.
“We wish both Nick and Tom well in their future endeavours.”
The Giants have now confirmed four list changes this off-season, which follows an impressive campaign that saw Leon Cameron's side finish with one finals win.