The Club and the 24-year-old midfielder have come to an agreement to terminate his contract this summer.
Magennis joined Hibs back in October 2020 and has gone on to make 49 appearances in all competitions, scoring seven goals. Unfortunately, his game-time was severely hampered due to injury.
On his departure, Hibernian FC Manager Lee Johnson commented: “Kyle was a well-respected member of the squad, and we wish him well for the future. He will always be welcome at Easter Road.”