Former England international Theo Walcott and Mohamed Elyounoussi will leave Southampton when their contracts expire at the end of the month.
Forward Walcott, 34, rejoined the Saints in 2020 and scored two goals in 24 appearances last season as the club were relegated from the Premier League.
Norway forward Elyounoussi, 28, scored nine goals in 90 games after his switch from Swiss side Basel in 2018.
Meanwhile, goalkeeper Willy Caballero is in talks over a new contract.
The 41-year-old Argentine has featured five times since joining the club in December 2021.
Southampton saw their 11-year stay in the top flight come to an end after finishing bottom last season, having had three different managers over the course of the campaign.