As Brisbane were still on the MCG last Saturday, celebrating their stunning grand final win over Fremantle, Neale confirmed in a TV interview that his time at the club was done.
He called it the best eight years of his life and the Lions issued a statement on Wednesday, saying Neale left with their best wishes.
"We understand Lachie's reasons for wishing to explore free agency and we wish him all the best for the next chapter of his career," Brisbane list manager Dom Ambrogio said in the media release.
The Magpies also confirmed that Neale had nominated them as his new club.
He had been Brisbane co-captain since 2023, but gave up the role in the off-season after the ugly end to his marriage.
Neale played all 27 games in 2026, despite the turmoil in his private life.
Lions coach Chris Fagan called Neale a clearance king after Saturday's win and said the midfielder had been integral to their three-peat success.
Neale also won two Brownlow Medals after leaving Fremantle to join Brisbane for the 2019 season. He is a six-time club best and fairest winner - two at the Dockers - and a four-time All-Australian at the Lions.
The 33-year-old has played 321 games - 135 at Fremantle and 186 with Brisbane.
Also on Wednesday, Essendon announced a new deal for Nic Martin, who did not play this season as he recovers from his knee injuries.
Martin needed a reconstruction in July last year and then re-injured the same knee in November.
He has played 83 games for the Bombers and has committed to them until 2031.
St Kilda midfielder Hugo Garcia, who played every game this season for a career total of 49, re-signed until 2029.
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