Adam Barrett and Alan McCormack have cancelled their contracts with Southend United by mutual consent.
Following a request from both players, the club have agreed to let them leave Roots Hall with immediate effect, making them available for free transfers.
Skipper Barrett had been placed on the transfer list earlier this month after handing in a written request, but Southend have now agreed to let him go without seeking a fee.
The Shrimpers have been suffering financial difficulties over the last year and had to stave off a winding-up order as they slipped to relegation from League One last season.
"The club is now subject to a salary cap in League Two and both players were high wage-earners," read a statement on the club's official website.
"The club's management wishes them well in finding new employment on similar terms."
Barrett, 30, made over 250 appearances for the club after the Dagenham-born defender joined from Bristol Rovers in 2004.
McCormack, 29, was also a regular last season and the Irish midfielder made over 150 appearances for Southend having joined initially on loan from Preston in November 2006.