Sylvan Ebanks-Blake, Stephen Hunt and Christophe Berra have been released by Wolves following the club's slide into League One.
The trio are all out of contract this summer and have not been offered fresh terms as Wanderers battle to regain their pride following back-to-back relegations.
Striker Ebanks-Blake topped Wolves' scoring charts this term with 15 goals before breaking his leg at the start of April.
Veteran defender Jody Craddock, also out of contract, has announced his retirement at the age of 37 but will now plan his testimonial year following 10 years' service with the Black Country outfit.
The quartet are not expected to be the only departures, though, with several of the club's more high-profile names expected to leave Molineux this summer, including the likes of Kevin Doyle, Roger Johnson and Bakary Sako.
Wolves have taken up one-year contract options on Danny Batth, George Elokobi, Dave Edwards and Aaron McCarey as well as striker Leigh Griffiths, who has spent the past two seasons on loan at Hibernian - finding the net 28 times this campaign.
Loanees Kaspars Gorkss, Jack Robinson, Nouha Dicko and Slawomir Peszko have each returned to their respective parent clubs while goalkeeper Marian Kello has seen his short-term deal come to an end.
With Wolves currently managerless following the sacking of Dean Saunders, head of football development and recruitment Kevin Thelwell added on the club's official website: "Talks with many of our senior contracted players will take place to discuss their futures.
"Certain players will be encouraged to find new clubs, while, inevitably, some will be sold with our best wishes and others retained. We will also be looking to sign new players.
"It will be a long and challenging summer as we seek to engineer much-needed changes to the composition of the first-team squad. We are determined to rebuild in the most appropriate manner for the new and difficult on-field challenge next season."