Southend United have transfer listed Conor Clifford, Isaac Layne, Ellis Brown, Kane Farrell and Josh Banton.
Midfielder Clifford, 23, is the most notable name to be told he can leave the club.
The former Chelsea youngster has scored twice in 13 games this season and played 42 times for the club in total.
Shrimpers boss Phil Brown said the five players will have limited opportunities in the future, with new arrivals expected at Roots Hall.
"We have had various meetings looking at our squad and what is required to obtain promotion this season," Brown said.
"We feel the need to bring in some players to help us achieve that goal in terms of goal threat and also additional experience.
"The changes, which are in progress now, will limit the opportunities for these players and I decided it was best to let them try and find a club now to help them progress their careers by going somewhere and playing, rather than wait until the summer, when significant numbers of players become free agents."
Striker Layne, midfielder Brown and defenders Farrell and Banton are yet to make a senior appearance for the club.