Yaya Sanogo is the most high-profile of four players on Arsenal's list of released players.
The French striker was signed on a free transfer in 2013 and struggled with injuries throughout his four years at the Emirates, making just 20 appearances.
A Champions League goal against Borussia Dortmund in 2014 was the highlight, although he did influence the FA Cup final against Hull as a substitute earlier that year.
Sanogo spent time on loan at Crystal Palace, Ajax and Charlton and recently scored a hat-trick for Arsenal's U23 side.
The 24-year-old this week revealed his departure was imminent, saying: "The adventure ends.
"I maybe did not always do what was necessary to impose myself, but Arsene Wenger is a great manager and he taught me a lot."
Stefan O'Connor, Kristopher da Graca and Kostas Pileas are also leaving the club this summer when their contracts are up.