Darren Bazeley's contract with Walsall has been terminated by mutual consent and the Saddlers have also released Kofi Dakinah and Jonathan Bewers.
Bazeley had fallen down the pecking order at the Bescot Stadium
Bazeley, 32, was a regular after joining in summer 2002 but he lost his place in the team in early September.
Dakinah, 24, joined at the start of the season from Danish side Herfolge but made just two first-team appearances.
Former Aston Villa defender Bewers, 22, joined on a short-term contract in September but played only one game.