Experienced forward Luke Varney is among five players who have been released by Cheltenham following their defeat in the League Two play-offs.
The 37-year-old scored seven goals in 23 games for the Robins this season.
Goalkeeper Rhys Lovett, midfielders Archie Brennan and Rohan Ince and forward Jonte Smith will also depart.
Defender Josh Debayo has been offered a new deal while contract negotiations are ongoing with midfielder Chris Clements.
Cheltenham lost 3-0 at home to Northampton on Monday for a 3-2 aggregate defeat in the play-off semi-finals.