Players' player of the year Lee Mansell and left-back Kevin Nicholson have been offered new two-year deals by Torquay.
Nicholson, 29, and midfielder Mansell, 27, were both in outstanding form for Paul Buckle's Gulls during their eight-match unbeaten League Two run-in.
United have officially confirmed that defender Lee Hodges, midfielder Steve Adams and utility player Michael Brough, who can play in midfield or defence, will be released when their current contracts come to an end this summer.
Former Burnley defender Mo Camara is also among the seven men to have been shown the door.
Ben Joyce, Tyrone Thompson and Chris Todd are the other players to have been told they are free to look for new clubs.
A statement on the club's official website read: "The club would like to thank all of the released players for their efforts on behalf of Torquay United and wish them all the very best for the future."