Defender Chris McCready, goalkeeper Stuart Tomlinson, midfielder Mark Carrington and youngsters Luke Danville and Josh Thompson have all been told they will not be offered new deals when their contracts expire this summer.
Boss Gudjon Thordarson said the players were surplus to requirements and further departures could follow.
He told the club's official website: "There are some tough decisions to be made. It is never easy to tell players that they will not be offered a new contract but that is the nature of the game and it is something you have to go through.
"I hope they can get themselves sorted out at new clubs and we wish them well.
"I want a smaller, stronger, more competitive squad and it that means waiting for the right players then I will."