Austria Under-21 goalkeeper Robert Olejnik is to join Falkirk after being released by Aston Villa.
Robert Olejnik failed to make the breakthrough with Villa
But full-back Marc Twaddle and midfielder Ryan McStay have joined Stephen O'Donnell in rejecting a new contract at Falkirk Stadium.
Three defenders - Karl Dodd, Tiago and the retired Craig Ireland - and keeper Jerome Lambers have also left.
The 20-year-old Olejnik spent four years at Villa Park without making a first-team appearance.
But he will now officially join Falkirk on 1 July and said he was delighted to have signed a two-year contract.
"It is a great opportunity to play first-team football," the goalkeeper told Falkirk's website.
He is young, fit and hungry and is an imposing character between the posts
Falkirk head coach John Hughes
"This will be a great opportunity for me to play at places like Ibrox and Parkhead and I am really looking forward to the start of the season."
Kasper Schmeichel had been on loan with Falkirk for the second half of the season and head coach John Hughes had hoped he would return next term.
But Hughes said: "Robert fits the bill for us.
"He is young, fit and hungry and is an imposing character between the posts."
Meanwhile, Falkirk revealed that McStay and Twaddle, both graduates of the club's youth academy, had decided to seek new clubs in search of regular first-team football.
"Both the lads are good players and we made them offers to continue their development with us," said Hughes.
"However, I think they both feel that they now want to go and play theri football in a first-team regularly."