Will's action came after the ultra-conservative Queensland senator said Muslim immigration contributed to the 50 deaths in the Christchurch massacres.
"Our client has no intention of making a complaint or taking any action against Senator Anning," Will's lawyer Peter Gordon told reporters in Melbourne on Tuesday.
Police confirmed the teen had been interviewed and released on Tuesday afternoon, pending further investigation.
When asked if it appeared Victoria Police would lay charges against Will, Mr Gordon said he had received "no indication" that would happen.
"But obviously police have got a job to do," he said.
"To use Will's own words, the police have been awesome."
Will won the hearts of many Australians and became a global sensation for cracking the egg on Senator Anning's head.
'Egg Boy' was labelled "the hero we deserve" and nominated for Australian of the Year by some members of the public, while others called him a brat.
Senator Anning said the boy's mother should have slapped him long ago.
A GoFundMe page set up to raise money for Will's legal expenses and buy "more eggs" has raised more than $50,000.
But his lawyers are acting pro bono, and Will wants to give the money away.
"Will is committed that every cent of the money raised from the GoFundMe page go to support victims of the tragedy in Christchurch," Mr Gordon said.
Mr Gordon said it was a privilege to work with Will, describing him as brave and compassionate.
"He really strikes you as a remarkably smart, compassionate and brave young man,' Mr Gordon said.
Meanwhile, the Australian Greens have said they will try to suspend Senator Anning from parliament until the election.
Only two sitting days are scheduled in the upper house before the May poll but Greens leader Richard Di Natale believes the independent senator Anning shouldn't be allowed before he faces the voters.
Senator Di Natale said a censure motion supported by the major parties doesn't go far enough against the Queenslander.