Ramnaresh Sarwan and Chris Gayle say they have ended endorsement contracts but will still not play for West Indies against South Africa on Thursday.
They were two of seven players left out because they had personal deals with Cable & Wireless that conflict with the team's main backer, Digicel.
The West Indies Cricket Board said it was aware of the decision but the squad for the first Test remains unchanged.
But a C&W statement said the company had not heard from the players' lawyer.
It added: "[We] are working to separate fact from rumour".
It is possible Sarwan and Gayle will be able to play in the rest of the series.
The duo's lawyer Sanjeev Datadin said: "They have ended their contracts in the interest of their careers, and they believe, in the interest of West Indies cricket."
"We are facing a tyrannical and despotic WICB that is hell-bent to do the bidding of its sponsor"
As well as captain Brian Lara, the other players involved in the dispute are Fidel Edwards, Dwayne Bravo, Dwayne Smith and Ravi Rampaul.
The WICB has asked the players who still have individual contracts to submit them to Justice Adrian Saunders, who will review them by the time the first Test against South Africa ends on 4 April.
In a statement, the WICB said: "The purpose of this review would be to determine whether the personal endorsement contracts were unquestionably in the nature of individual contracts."
The West Indies Players Association hinted the five other players could return if the board agrees to arbitration.
"We are facing a tyrannical and despotic WICB that has suspended its discretion and is hell-bent to do the bidding of its sponsor," it said.
It asked that the Digel contract be included in the arbitration to see if it violates the rights of players.