Club legend Matt Doherty and England international Angel Gomes are the most prominent names on the exit list.
Wolves finished rock bottom of the Premier League with just 20 points from 38 matches — three wins and 24 defeats — and drop into the second tier for the first time in eight years.
Doherty, 34, leaves after 13 years across two spells at Molineux, during which the Republic of Ireland right-back made 389 appearances, scored 33 goals and contributed 41 assists. He was part of the squad that won promotion to the Premier League in 2018 and qualified for Europe the following season. He played for Tottenham Hotspur and Atletico Madrid between his two Wolves stints.
Gomes, 25, returns to Marseille having joined on loan in February. The former Manchester United midfielder made 13 appearances for Wolves without being able to help arrest their slide.
Academy graduate Dexter Lembikisa also departs, alongside seven youth players — Ty Barnett, Harvey Griffiths, Arthur Nasta, Bjorn Marwa, David Osifo, Fabian Salmon and Jake Wilcox.
Not all the news is outgoing. Czech defender Ladislav Krejci, who spent last season on loan from Girona, is set to sign permanently. An offer has also been made to youth prospect Conor McLeod.