Former Chelsea striker Flo hit the crossbar with his last kick for the club in the penalty shootout defeat to Scunthorpe in the play-off semi-final while Gerba also leaves despite scoring 10 times in his debut season.
Jemal Johnson, Alan Navarro, Flavien Belson and goalkeeper Nathan Abbey are all also leaving stadium:mk as the Dons look to build on a fine first season back in League One. The club are still in negotiations with Miguel Angel Llera, Carl Regan, Danny Swailes and Mark Wright, while Luke Howell has agreed a new one-year deal.
Chairman Pete Winkelman told the club's official website: "I'd like to offer my sincerest thanks to all of the players what will be leaving the club, they have all brought their own qualities to what has been a fantastic couple of seasons.
"They have all given nothing less than 100% during their time in an MK Dons shirt and have contributed to a truly memorable time in the club's emerging history.
"Football is about managing constant change, which inevitably results in payers moving on and we must now adapt to keep moving forward."