Berahino joined the Owls last summer and scored nine goals in 40 appearances for the club.
Dunkley has spent two years at Hillsborough but has saw his time at the club hampered by injury problems while Hutchinson has spent 18 months at the club, after joining in January 2021.
A club statement confirmed: "Saido Berahino, Chey Dunkley and Sam Hutchinson will be released upon the expiry of their current contracts, while the club have exercised an option to retain Marvin Johnson.
"New contract offers have been made to Jack Hunt, Massimo Luongo, Nathaniel Mendez-Laing and Joe Wildsmith.
"Loanees Harlee Dean, Lewis Gibson, Tyreece John-Jules, Florian Kamberi, Bailey Peacock-Farrell, Olamide Shodipo and Jordan Storey return to their parent clubs.
"Sheffield Wednesday would like to thank all departing players for their services and wish them well for the future."