Wolves have released Leon Clarke, 15 months after re-signing him for a second spell at Molineux.
The Championship club have also let fellow striker Jake Cassidy go.
But a one-year option has been taken up on another striker Liam McAlinden's deal until 2016.
Wolves are still reported to be undergoing talks with keeper Tomasz Kuszczak and defender Sam Ricketts, who finished the season on loan at League One play-off hopefuls Swindon Town.
|Stearman voted Wolves' player of the year|
|Defender Richard Stearman was a double winner at Wolves' presentation night, picking up the award as both fans and players' player of the year. The club's young player of the year award went to full-back Dominic Iorfa.|
Ricketts, who is set to play for Swindon in Thursday evening's League One play-off semi-final first leg against Sheffield United at Bramall Lane, will sort out his future when his season concludes.
Clarke's campaign ended following Wigan Athletic's relegation from the Championship, the 30-year-old having spent the final three months on loan at the DW Stadium, scoring just once in 10 games.
Cassidy, 22, had two loan spells this season, scoring five times for League One side Notts County before Christmas, but then failing to find the net in 12 league starts for Southend United in League Two.
McAlinden, 21, also spent the final three months of 2014-15 out on loan in a second spell with Fleetwood, for whom he scored four times.
Meanwhile, Wolves have said farewell to Kevin Doyle, allowing him an early settlement to his contract, which enables him to complete his move to Colorado Rapids, ahead of next week's MLS transfer deadline.