Neil Howarth, Lee Williams and Tony Naylor will leave Cheltenham when their contracts run out at the end of the season.
Striker Naylor joined last season and Robins manager Bobby Gould said the decision has been based on the striker's age and his personal circumstances.
He told BBC Radio Gloucestershire: "Tony is 36 and we have to go forward as a club.
"He resides in Stoke, where his family is and because of that he has done a lot of travelling.
"But we still have two games left to get the best out of him," Gould added.