Goalkeeper Willy Caballero, winger Jesus Navas and full-back Gael Clichy are all leaving Manchester City.
Argentine Caballero, 35, signed from Malaga in 2014, while 31-year-old Spaniard Navas spent four years at City after arriving from Sevilla for £14.9m.
Director of football Txiki Begiristain said working with Navas, who made 123 league appearances, was "a pleasure".
Clichy, 31, joined from Arsenal in 2011 and was part of the side to win City's first Premier League title in 2012.
"It's amazing to see where the club is today and I am sure there is plenty more success to come," the France international told the club website.