Olofinjana whose four-year contract was due to expire in June was offloaded along with 11 others, while four players including Senegal veteran, Abdoulaye Faye, were offered new deals.
Meanwhile, the former Super Eagles midfielder joined Sheffield Wednesday on loan until the end of the season after his loan deal with another Championship side, Cardiff City was cancelled.
This was ahead of Thursday’s emergency loan deadline for clubs in the Championship, League One and League Two in England.
Olofinjana’s four-year contract with Hull City expires this May after he signed from Stoke City in 2009. The Chemical Engineering graduate from Ladoke Akintola University of Technology played for the Super Eagles from 2002 to 2010.
The move effectively ended his four-year association with the Tigers and his release on Thursday was a confirmation that there will be no place for him as manager Steve Bruce reshapes his squad.