The identities of the players affected have not been released although it is understood the majority, including striker Danny Hylton, were due to be out of contract in the summer.
Manager Andy Scott remains at the EBB Stadium as Aldershot look for a new buyer having been placed in administration at the start of this month, just five days after being relegated from the Football League.
Some players have taken to Twitter since being informed of the news on Wednesday.
Defender Olly Lancashire wrote: "Signed a 2 year contract with my home town club last summer, get a phone call today to say that my contract has been terminated. Not sure how they think they can do that but I will be fighting to keep myself an Aldershot player."
Meanwhile, fellow defender Troy Brown simply added: "Officially unemployed."
Midfielder Peter Vincenti last week announced he was leaving the Hampshire club to join Rochdale on a two-year deal.