Abou Diaby, Jack Jebb, Austin Lipman, Brandon Ormonde-Ottewill and Josh Vickers will all leave Arsenal ahead of the summer transfer window.
Described as "the new Vieira" after his arrival from Auxerre, the Frenchman's career was haunted by injuries as he leaves after spending 10 years at the club.
The injury-plagued midfielder suffered more than 40 injuries during his spell at Arsenal and never managed to make a significant impact in Arsene Wenger's squad.
In April, Arsene Wenger hinted at the possibility of not extending Diaby's contract.
"I had a chat with him and told him how I can envisage the future," Wenger said.
"He has to make a decision. Of course he understands completely that he has to perform and to show that he can be present on a consistent way.
"I will see where we go from there. I wouldn't like to go into details, we have to meet again to see where we go from what I told him.
It has to be linked a little bit with his presence."
Diaby leaves Arsenal after enjoying 180 first-team appearances.