Sylvan Ebanks-Blake, Stephen Hunt and Christophe Berra have been released by Wolves after the club's slide into League One.
Wolves' relegation from the npower Championship was finally confirmed as they went down 2-0 at Brighton.
Wolves boss Dean Saunders admits a host of players will be on their way out of the exit door should the club drop into the third tier of English football.
Wolves dropped back into the npower Championship relegation places after substitute Jon Obika's late winner snatched in-form Charlton a 2-1 home victory.
Dean Saunders hailed his Wolves side for producing a "massive" derby victory over Birmingham despite playing twice in three days.
Round-up: Cardiff moved seven points clear at the top of the Championship with a comfortable 3-0 victory over Blackburn.
Birmingham boss Lee Clark cut a frustrated figure after his side's 3-2 home derby defeat to Wolves and felt his players approached the game in the wrong way
Wolves climbed out of the npower Championship relegation zone thanks to three first-half goals which proved enough to see off battling local rivals Birmingham 3
Wolves claimed three precious points from a breathless encounter against Middlesbrough to give their survival hopes a real shot in the arm, although a 3-2 win
Two goals in four second-half minutes earned Wolves their first win at Molineux under Dean Saunders, as they came from behind to beat Bristol City 2-1.
Two goals in four second-half minutes earned Wolves their first win at Molineux under Dean Saunders, three points that could prove crucial in the battle for
Round-up: Julian Speroni was Crystal Palace's hero as the Eagles won at Derby, while Wolves saved a point.
Bakary Sako's 93rd-minute equaliser salvaged a 1-1 draw for ailing Wolves and put a dent Watford's promotion charge.
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