Rangers have released Jon McLaughlin, Borna Barisic, Ryan Jack, John Lundstram and Kemar Roofe following the expiry of their contracts.
The five players were part of the Rangers squad beaten on penalties by Eintracht Frankfurt in the 2022 Europa League final and each depart Ibrox as Scottish Cup and Scottish League Cup winners.
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Defender Barisic, midfielder Jack and forward Roofe lifted the Scottish Premiership title with the club in 2020-21.
"Everyone at Ibrox and Rangers' training centre thank the departing players for their time at the club and wish them all the very best for their future careers," read a club statement.
Manager Philippe Clement has already confirmed there will be big changes this summer, with the club having signed full-back Jefte as their only arrival so far.
Meanwhile, Rangers defender Leon Balogun, 35, has signed a new one-year contract extension at Ibrox.
The centre back re-joined the Scottish Premiership club last July following an injury to youngster Leon King.
"I am very, very happy and privileged to be able to extend my contract at a club like Rangers," he told the official Rangers website.
"I have said in the past I wish I could've been here sooner in my career because it fuels the fire to succeed all the time."
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