The Hatters, who are in administration, were relegated on Saturday from League One and have released Hutchison and Paul Peschisolido as well as giving free transfers to Darren Currie and five other players.
Hutchison was popular during his two season spell at the Ricoh Arena but succumbed to injury in his last season and was released by Iain Dowie whilst Currie played on loan from Ipswich during Micky Adams time in charge.