diff --git a/wagtail/admin/edit_handlers.py b/wagtail/admin/edit_handlers.py
index 35a9dc1d6..356edf0c7 100644
--- a/wagtail/admin/edit_handlers.py
+++ b/wagtail/admin/edit_handlers.py
@@ -63,7 +63,16 @@ def get_form_for_model(
 
 def extract_panel_definitions_from_model_class(model, exclude=None):
     if hasattr(model, 'panels'):
-        return model.panels
+        panels = model.panels
+
+        if exclude is not None:
+            # Filter out fields in exclude
+            panels = [
+                panel for panel in panels
+                if isinstance(panel, FieldPanel) and panel.field_name not in exclude
+            ]
+
+        return panels
 
     panels = []
 
diff --git a/wagtail/admin/tests/test_edit_handlers.py b/wagtail/admin/tests/test_edit_handlers.py
index 997a8860d..4c1a03966 100644
--- a/wagtail/admin/tests/test_edit_handlers.py
+++ b/wagtail/admin/tests/test_edit_handlers.py
@@ -208,6 +208,11 @@ class TestExtractPanelDefinitionsFromModelClass(TestCase):
         for panel in panels:
             self.assertNotEqual(panel.field_name, 'hostname')
 
+    def test_exclude_with_defined_panels(self):
+        Site.panels = [FieldPanel('hostname')]
+        panels = extract_panel_definitions_from_model_class(Site, exclude=['hostname'])
+        self.assertEquals([], panels)
+
     def test_can_build_panel_list(self):
         # EventPage has no 'panels' definition, so one should be derived from the field list
         panels = extract_panel_definitions_from_model_class(EventPage)