Martinez has been at Swansea since February 2003
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Swansea have jettisoned out-of-contract club captain Roberto Martinez, plus Adrian Forbes and Brian Murphy.
Spaniard Martinez, 32, has been in and out of favour with boss Kenny Jackett, who prefers a more athletic midfielder.
The ex-Wigan man made only 12 League One starts last season, and lost his squad place in the closing months.
Winger Forbes, 27, and back-up keeper Murphy, 23, will also leave, but veteran defender Kevin Austin, 33, has got another year at Swansea.
He had a clause in his contract guaranteeing an extra year when he hit the mark of 25 appearances.
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Central midfield is an area I'll be looking at this summer
Swansea manager Kenny Jackett
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"Adrian and Roberto have played a lot of games during my time here and I thank them for everything they have done," Jackett told the South Wales Evening Post.
"In Adrian's case, the emergence of Leon Britton on the right and more recently Shaun MacDonald has contributed towards my decision.
"And with Roberto, central midfield is an area I'll be looking at this summer. We brought Darren Way in back in January but it's a position I'll be aiming to strengthen again.
"Brian Murphy is a talented young keeper but his opportunities have been limited because of the outstanding form of Willy Gueret.
"I've told Brian he needs to go somewhere and play first-team football because another year in the reserves will not do him any good."
Martinez was brought to Swansea from Walsall in February 2003 by former manager Brian Flynn.
The former Wigan man's future was queried at the start of last season when he was dropped by Jackett.
He fought his way into contention and played 37 times in the side's 2004/5 promotion campaign, but this time there is no way back for the popular Spaniard.
Star-striker Lee Trundle has moved to quell the latest rumours linking him with a move from Swansea.
"I'm a Swansea player and that's the way I want to stay, I'm confident of playing at a higher level with the club," said the Scouser.
"The relationship I have with the fans and the club, there's no chance of me leaving."