Surman, who did not break through for a senior game after being drafted by the club at the end of 2015, will depart Waverley immediately after advising the Hawks of his decision.
"This has been a tough decision for Luke to make," Hawks football manager Jason Burt said in a statement.
"He has applied himself well over the past 18 months and made some positive progress in terms of his football. However, after consultation with the club, Luke has decided that he would like to pursue other opportunities.
"Life as an AFL footballer requires a lot of sacrifice, and right at this point in time Luke has decided the passion for football is no longer there."