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Ryan Kent, Allan McGregor, Alfredo Morelos, Scott Arfield and Filip Helander will all leave Rangers when their contracts expire this summer.
But Steven Davis, who will also be out of contract, remains in discussions with the club about his future.
Boss Michael Beale said the midfielder will decide if he will keep playing when he recovers from his ACL injury.
Scotland midfielder Ryan Jack's deal also expired this summer but he signed a one-year extension last week.
Beale suggested the decision over Canada midfielder Arfield was one he agonised over.
"Scott pulls on the heart strings because as a man and a person he's been absolutely fantastic," he said.
"He is adored by the fans as well as players and staff but it was a really amicable on-going conversation around his game-time, players coming in and how the squad will look. A difficult decision, but I think it's right for all parties."
The Ibrox boss also paid tribute to the four other players who will leave this summer.
"Allan is a Hall of Fame member and has had many fantastic moments where he has shown his class as a goalkeeper," said Beale.
"Filip we have not had available for a long time but he was a big signing for the club and his partnership with Connor Goldson was probably the foundation to the league-winning season.
"Ryan contribution has been fantastic in big matches, in Europe and domestically. This season has not gone the way Ryan wanted it to but he's been an excellent player for us.
"For the outlay to what we got back, Alfredo has made an outstanding contribution. He was European top goalscorer, player of the year last year, and then got injured so has had a stop-start season."
Colombia striker Morelos joined from HJK Helsinki on a three-year deal for an undisclosed fee in 2017.
Arfield was Steven Gerrard's first acquisition when he signed from Burnley in May 2018. Goalkeeper McGregor, who has a testimonial match against Newcastle United on 18 July, joined two days later after rejecting new terms at Hull City.
Winger Kent arrived at Ibrox from Liverpool in a £7m transfer in 2019 having impressed on loan during the previous season. Sweden centre-back Helander also joined that summer from Bologna.
Beale, who took over from Giovanni van Bronckhorst in November and signed Todd Cantwell and Nicolas Raskin in January, has promised a revamp of the squad for the 2023-24 season.
