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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.
The midfielder is continuing to work with Rangers' medical team as he recovers from his ACL injury.
"The players have given excellent service and move on with the warmest wishes," said a Rangers statement.
"The individuals contributed enormously to the capture of a record 55th Scottish league title, last season's Scottish Cup, the run to the Europa League final and qualification for the Champions League this season.
"Allan McGregor, of course, also gained significant honours with the club in his first spell and broke the 500 appearance mark back in April."
McGregor has a testimonial match against Newcastle on July 18.
More to follow.
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