George Bowerman heads a list of five out-of-contract Walsall players released by the club.
The forward, 21, has made 33 appearances for the Saddlers this season, scoring seven goals, but has been deemed surplus to requirements by boss Dean Smith.
Richard Taundry, Aaron Williams, Connor Taylor and Jake Jones have also been released.
Further talks are taking place with Player of the Year Will Grigg, who became the first Walsall man to bag 20 goals in a campaign in 12 years as the midlands club narrowly missed out on a play-off place in League One.
Negotiations also continue with Febian Brandy and Adam Chambers, who, like Grigg, are also out of contract this summer.
Craig Westcarr, James Chambers and Ben Purkiss and youth-team players Jake Heath, Danny Griffiths and Liam Roberts have each been offered new deals.
Experienced defender Dean Holden has also been given a new playing contract which includes the role of a development coach overlooking the club's 18-21 year olds, while Walsall will also be taking up contract options on Ben George and Kieron Morris.