Darren Anderton has been released from his contract at Wolves.
Anderton played for England under Hoddle
The 34-year-old midfielder's deal expires at the end of June and will not be offered a new deal along with Stefan Postma, Maurice Ross and Vio Ganea.
Chief executive Jez Moxey has warned Wolves will be forced to operate on a tight budget next season.
And he said: "(Manager) Glenn Hoddle and I have talked about the rebuilding that we need to do and this means certain players will not be re-signed."
Moxey also said that 38-year-old Paul Ince, and fellow midfielders Denes Rosa, Colin Cameron
and Mark Kennedy - all out of contract this summer - will hold talks with the club.
"We will be entering talks with Paul, Denes, Colin and Mark to explain our plans for the future, but at this stage there are no guarantees that we will be re-signing any of them."
Also departing is Kenny Miller who will join Celtic this summer on a Bosman free transfer and fellow striker George Ndah who has been forced into early retirement because of injury.