Wolves have released Mark Little, Daniel Jones and George Friend following the expiration of their contracts.
The trio's contracts expire this summer and they have been informed they will not be offered new deals.
Defender Little ended the season on loan at Peterborough and he could set for a permanent move to London Road.
Friend, who made eight appearances for Wolves, is being linked with a return to Exeter after a successful loan spell at the back end of this season.
Left-back Jones enjoyed loan spells at Notts County and Bristol Rovers this season and both clubs are thought to be keen on securing his signature for next season.
Wolves boss Mick McCarthy paid tribute to the trio for their service to the club.
"I'd like to thank George, Mark and Daniel for their contributions and wish them all the best for the future," McCarthy told the club's official website.