Nigel Hasselbaink and Jeroen Tesselaar will leave St Mirren in the summer after rejecting new contract offers.
Manager Danny Lennon said the Dutch pair had turned down improved terms on their previous deals.
"The players and their agent believe they are worth even more," Lennon told the club website.
"They have both been terrific players to work with this past year and we are disappointed to say goodbye to them now."
Twenty one-year-old forward Hasselbaink was previously with Hamilton Accies, and left-back Tesselaar, joined the SPL club from Telstar last summer.
Lennon added: "Our club is looking to build on our successes from this past season, whilst living within its financial means."