The move by New Mexico officials came just over two months after the Hollywood star was charged with involuntary manslaughter over the 2021 death.
Mr Baldwin took to Instagram several hours after the announcement to post a picture of himself hugging his wife Hilaria Baldwin.
“I owe everything I have to this woman,” he wrote in the caption, as well as thanking lawyer Luke Nikas.
Hutchins, 42, was shot and killed on 21 October 21 during filming for the movie at the Bonanza Creek Ranch in New Mexico.
Mr Baldwin was rehearsing for a scene with a gun in his hand when it went off, killing Hutchins and wounding director Joel Souza.
The Oscar-nominated actor has denied ever pulling the trigger of the pistol, but ballistics experts stated in a report that it was the only way the gun could have fired.
“We are pleased with the decision to dismiss the case against Alec Baldwin and we encourage a proper investigation into the facts and circumstances of this tragic accident,” according to a joint statement by Baldwin’s lawyers Luke Nikas and Alex Spiro.
Paperwork to dismiss the involuntary manslaughter charges against Baldwin is expected to be filed soon by newly appointed special prosecutors Kari Morrissey and Jason Lewis, per reports.
Law enforcement will continue to investigate how the events of the tragic October 2021 day unfolded, meaning that the case could be reopened in future.
The Independent has contacted the Santa Fe District Attorney for further comment.
Baldwin’s co-defendant and ex-Rust armourer Hannah Guiterrez-Reed, is still facing criminal charges at current. The two previously pleaded not guilty.
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