Head coach Craig Levein had hoped to retain the experienced pair but has admitted defeat in light of the lack of television contract for the Scottish Premier League.
Fulton and Tomaschek join Stephane Adam, Robert Flogel, Tommi Gronlund and Ricardo Fuller as first-team players leaving Tynecastle.
Levein met chief executive Chris Robinson at the stadium on Monday and the decision was made not to offer new contracts to the midfield pair.
The head coach said: "The TV situation is not likely to resolve itself quickly.
"In an ideal world, I would have liked to have kept two or three of the out-of-contract guys and also bring in a couple of players.
"But I can't and, unfortunately for everybody concerned, Steve Fulton and Robert Tomaschek will not be offered new contracts.
"Pre-season isn't far away and a decision had to be made.
"Steve and Robert were well paid here and keeping one would have spent the money which I will hopefully now be able to use to bring in younger lads - and experienced guys if I can find them."
The departure of Fulton from Tynecastle marks the end of a Gorgie era, the 31-year-old being the last of the 1998 Scottish Cup winning team to leave.
"Steve captained Hearts to the Scottish Cup win and has been an exceptional player for the club. It's terribly sad to see someone of his ability leave," said Levein.
"Robert was a gentleman about the situation and was as disappointed as me.
"I enjoyed working with both of them, but sometimes in football important decisions have to be made.
"I was conscious this may arise and spoke to their agents in the hope they could have something lined up for them."
Tommi Gronlund has already signed for Helsingborgs in Sweden.
Levein, who has confirmed his interest in former Motherwell winger Kevin Twaddle, reiterated that 22-year-old forward Kenny Milne may yet land a new deal as he is at the lower end of the wage scale.
Hearts have already signed Surinam striker Mark de Vries from Dutch Second Division side Dordrecht '90 on a free transfer.
They also appointed former Celtic player Peter Latchford as goalkeeping coach following the departure of Jim Stewart to Kilmarnock.