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Mathers played only a handful of NRL matches this year after suffering a serious knee injury.
His release comes in the wake of news that fullback Chris Walker has ruptured his Achilles tendon and will be sidelined for six months.
The 29-year-old, who has over 100 NRL appearances to his name, is seen as a replacement for the departing Shaun Briscoe and joins fellow Australians Shaun Berrigan and Adam Dykes in making the switch to Hull.