Wolves: Sylvan Ebanks-Blake and Stephen Hunt released
Wolves will not offer new deals to out-of-contract Sylvan Ebanks-Blake, Stephen Hunt and Christophe Berra following relegation to League One.
Striker Ebanks-Blake, 27, scored 64 goals in 193 games for Wolves and winger Hunt, 31, made 66 appearances.
Scotland defender Berra, 27, played six times under ex-boss Dean Saunders.
Wolves have, however, taken up one-year contract extension options on Leigh Griffiths, George Elokobi, Danny Batth, Dave Edwards and Aaron McCarey.
Forward Griffiths, 22, will stay contracted to the Molineux side after spending last season on loan at Scottish Premier League side Hibernian, scoring 28 goals in 40 appearances on his way to being named the PFA Scotland young player of the year.
Defender Elokobi, 27, spent most of this season on the sidelines with a fractured ankle.
However the release of the club's top scorer this season Ebanks-Blake ends his five-year association with Wolves.
The former England Under-21 international earned the Championship top goalscorer title in consecutive seasons during his time at Molineux, helping the side achieve promotion to the Premier League in 2009.
But after breaking his leg this April he has now been allowed to find a new club as Wolves look to reduce their wage bill for their first season in the third tier since 1989.
The same goes for Republic of Ireland international Hunt, who could not prevent the club from suffering back-to-back relegations since joining from Reading in 2010.
"It will be a long and challenging summer as we seek to engineer much-needed changes to the composition of the first team squad," said head of football development and recruitment Kevin Thelwell.
"We are determined to rebuild in the most appropriate manner for the new and difficult on-field challenge next season."