Danish midfielder Per Frandsen is one of a clutch of players being released by Bolton this summer.
Former Newcastle, Manchester City and Leicester defender Steve Howey has also been told he can leave having made just two starts since joining in January.
Ibrahim Ba, Javi Moreno, Gerald Forschelet, Lord-Kangana N'Diwa and Dwight Pezzarossi will not be kept on.
Frandsen told BBC GMR: "I am going to play for one more year. That is the plan, so we will see what happens."
Manager Sam Allardyce praised Frandsen for his contribution to the team's progress.
"Per has been a fantastic player for us over the last four years," said the Bolton boss.
"He's had a great time here and I have had a great time working with him.
"He was disappointed at not being offered a new contract. I need someone as talented as Per but younger."