Sylvan Ebanks-Blake, Stephen Hunt and Christophe Berra have been released by Wolves following the club's slide into League One.
The trio are all out of contract this summer and have not been offered fresh terms as Wanderers battle to regain their pride following back-to-back relegations.
Striker Ebanks-Blake topped Wolves' scoring charts this term with 15 goals before breaking his leg at the start of April.
Veteran defender Jody Craddock, also out of contract, has announced his retirement at the age of 37 but will now plan his testimonial year following 10 years' service with the Black Country outfit.
The quartet are not expected to be the only departures, though, with several of the club's more high-profile names expected to leave Molineux this summer, including the likes of Kevin Doyle, Roger Johnson and Bakary Sako.
Wolves have taken up one-year contract options on Danny Batth, George Elokobi, Dave Edwards and Aaron McCarey as well as striker Leigh Griffiths, who has spent the past two seasons on loan at Hibernian - finding the net 28 times this campaign.
Loanees Kaspars Gorkss, Jack Robinson, Nouha Dicko and Slawomir Peszko have each returned to their respective parent clubs while goalkeeper Marian Kello has seen his short-term deal come to an end.
With Wolves currently managerless following the sacking of Dean Saunders, head of football development and recruitment Kevin Thelwell added on the club's official website: "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 be 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."
The Gunners head to St James' Park one point clear of north-London rivals Tottenham following their 4-1 win over Wigan on Tuesday night, which sent the FA Cup winners down.
Europa League champions Chelsea are two points ahead, but the statistics are so close that should Arsenal win by a two-goal margin and the Blues slip up at home to Everton, then Wenger's men would leapfrog up into third place and with it automatic entry into next season's group stages.
However, should the Gunners win 2-1 at Newcastle and Chelsea draw 0-0, then the two London clubs would be locked together and, under Premier League regulations, sent into an extraordinary play-off.
Wenger, though, accepts if his men fail to win at St James' Park, then that scenario would be redundant.
"I would fancy that," said the Arsenal manager, who revealed negotiations over signing Yaya Sanogo on a free transfer from Auxerre were at an "advanced" stage.
"A play-off exists only if win the game [at Newcastle], so let's win the game and see what happens.
"The biggest task is to win the game and not speculate too much on what happens after because the first compulsory thing we face is to win the game on Sunday."
A superb unbeaten nine-game league run has propelled Wenger's men back up into the top four, when earlier in the campaign it looked as if they would struggle to be in contention.
Arsenal edged out Tottenham on the final day 12 months ago to snatch third, and history could be set to repeat itself again this weekend.
"I know for a long time that for us, when we were seven points behind, we would all be happy that it goes to the last day," said Wenger.
"We are in a position where nobody expected us to be. We have our destiny in our hands, our fate in our hands and that's what you fight for in the game.
"It is a game that we will now want to win but at least we fought back to be in a position where we master our own fate."
France Under-21 international Sanogo is out of contract with Auxerre, but Arsenal would need to pay compensation.
Wenger said: "We are advanced with him, but it is not done.
"I am very confident.
"He is a young striker who is promising, and has a big talent."
Arsenal are expected to strengthen the squad during the summer, with a reported ?100million transfer warchest.
It has been suggested Wayne Rooney was on Wenger's radar, but the Gunners boss refused to be drawn on whether they would be moving for the England striker, who has put in a transfer request from Manchester United.
Wenger stressed: "At the moment we have no interest in anybody, we have only one interest and that is of course, Sunday's game."
Asked if Arsenal could afford Rooney, the manager added: "That is not even a question at the moment. We have not gone into that."
Arsenal look set to be without midfielder Mikel Arteta (calf) this weekend.
Jack Wilshere, the England international set for summer surgery to clear up a niggling ankle problem, is on stand-by.
"I have a few options. I've not made a decision yet because I have to see how everybody responds in training," Wenger said.
"I will make a very late decision on that problem. First I have to wait if Arteta is completely out and after that I will decide how I build the team certainly very late."
Striker Olivier Giroud will, though, return for selection following his three-match suspension.
