Amon, who played 124 games for the Power over nine seasons, has joined Hawthorn on a four-year deal.
The 27-year-old wingman was Port Adelaide's top vote-winner in this year's Brownlow Medal, averaging 23.6 disposals a game throughout the season.
Port had voiced their desire to receive a first-round draft pick as compensation for losing the restricted free agent..
"I think it has got to be close to a first round, if not an end of first-round selection," Power football manager Chris Davies told AFL Trade Radio this week.
But they won't receive their wish, with the AFL to hand them a second-round selection (currently pick No.27).
Amon's arrival at Hawthorn will help the club's rebuild.
"It's pleasing to hear Karl indicate his decision to commit to the club was based around the positive direction of the organisation and the exciting brand of football being developed," Hawks list manager Mark McKenzie said in a statement.
"He is an incredibly gifted athlete and can be damaging by foot.
"With more than 100 games under his belt, we believe his skill-set and experience will complement our young and developing list."
Hawthorn will lose unrestricted free agent Jack Gunston, who is keen to join Brisbane.
Gunston's arrival at the Lions will help offset the loss of forward Daniel McStay, whose move to Collingwood will soon be finalised.
West Coast are waiting on a decision from Melbourne defender Jayden Hunt, who is an unrestricted free agent.
The Eagles are set to lose premiership forward Junior Rioli, who has nominated Port Adelaide as his club of choice.
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