Waterford's Stephen Hunt will be released by Wolves on June 30 after the relegated club decided against offering the diminutive winger a new contract.
The Republic of Ireland international will be free to join a new club after Wanderers decided against renewing the contracts of senior players following their relegation to League One meaning that Christophe Berra, Jody Craddock and Sylvan Ebanks-Blake are also on their way out of Molineux.
Wolves Head of Football Development and Recruitment Kevin Thelwell said: “Whilst we continue our search for a new Head Coach, one-year options on several players have been activated . This is normal practice in this situation.
"However, with regard to the overall first team picture it is anticipated that there will be significant changes to the existing squad this summer.
"None of the out of contract senior players will be offered new contracts and are free to leave.
"Talks with many of our senior contracted players will take place to discuss their futures. Certain players will be encouraged to find new clubs, while, inevitably, some will be sold with our best wishes and others retained. We will also looking to sign new players.
"It will be a long and challenging summer as we seek to engineer much needed changes to the composition of the first team squad. We are determined to rebuild in the most appropriate manner for the new and difficult on field challenge next season."