Midfielders Ivan Campo, Stelios Giannakopoulos and Andranik Teymourian have all been released by Bolton.
Manager Gary Megson is now hopeful of persuading goalkeeper Jussi Jaaskelainen and defender Ricardo Gardner to sign new contracts.
Wanderers finished just a point above the Premier League relegation zone after staging a remarkable escape and Megson has started planning for next year.
"Ivan, Stelios and Andranik have all done well for Bolton Wanderers and I'd like to express my gratitude to them," said the Bolton boss.
"It's time for them to move on and I wish them all the best."
Jaaskelainen and Gardner's contracts expire at the end of June but Megson remains hopeful of extending their stay at the Reebok.
"Jussi and Ricardo have both been excellent servants and are still very much part of my future plans for this football club," he told the club's website, bwfc.co.uk.
"Hopefully, we can get them secured on new deals as soon as possible."