The developing forward was delisted by Carlton on Tuesday without playing a senior game in his two seasons on the Blues' list.

O'Dwyer went at pick 66 in the 2018 national draft after an injury-affected year with the Murray Bushrangers.

The 20-year-old managed 12 games in his first season at VFL level last year but was unable to earn a senior call-up in the shortened 2020 campaign.

With list sizes set to be cut by the AFL in the coming weeks, delisted players across the league face an uncertain future with the odds of a lifeline from another club less likely than previous years.

The AFL also announced in August it would be merging the VFL and NEAFL into one second-tier competition.

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Yarrawonga president Ross Mulquiney hopes it's not the end for O'Dwyer at the top level.

"The Yarrawonga Football Netball is very disappointed for Finn. He is a first class young man from a fine family," Mulquiney said.

"We would be honoured if he was to return to the Pigeons. However, what is important at this stage is to work as hard as we can to help keep Finn's AFL dream alive."

Fellow Yarrawonga juniors Ely Smith (Brisbane), who is contracted until the end of 2022, and James Jordon (Melbourne) have also yet to make their AFL debuts after being selected in the same draft as O'Dwyer.

Jordon, along with Albury duo Jacob Koschitzke and Mat Walker, who have had tough runs with injury during their two seasons at Hawthorn, are out of contract.

Koschitzke suffered a shoulder injury during one of Hawthorn's intra-club matches in the pre-season after a tackle on Walker.