Fast-bowler Ollie Freckingham was named Leicestershire Players' Player of the Year on Friday then among three players released by the club a day later.
Freckingham, 27, took 65 wickets in 23 first-class games for the county and was their leading wicket-taker in 2013.
He has struggled with injury and played just two One-Day Cup games in 2016.
The club's longest serving player, spinner Jigar Naik, 32, is also leaving, as is 22-year-old wicketkeeper Michael Burgess.
Naik, who made his first-class debut for the county in 2006, took 236 wickets for Leicestershire across all three formats, including six five-wicket hauls.
Meanwhile, captain Mark Cosgrove was named Leicestershire Cricketer of the Year, the club's best County Championship player and won the batting award at the county's end of season dinner.