Striker Michael Ricketts, midfielders Stephen Hughes and Hassan Bacchus and defender Paul Boertien, who are all out of contract at the end of June, have not been offered new contracts and will subsequently be plying their trade elsewhere next season.
The remaining players who are out of contract this summer - Clayton Ince, Rene Gilmartin, Manny Smith, Netan Sansara, Sofiene Zaaboub, Jabo Ibehre, Richard Davies and Chris Palmer - have all been offered new deals.
Manager Chris Hutchings, who is facing his first close season in charge at the Banks's Stadium, said: "We would like to thank Stephen, Michael, Paul and Hassan for their efforts during the course of the season and wish them all the very best in the future."
Ricketts, 30, has found the net 12 times for the Saddlers this season in 31 appearances, but his campaign has been dogged by ill-discipline with no less than three red cards.
Hughes has made 36 appearances, with a lot of those coming as captain, while Boertien has made as many as 33. Bacchus has failed to feature for the League One club this term.