Leroy Lita and David Ngog will not be offered new contracts and become free agents while loan pair Roland Lamah and Alvaro Vazquez will not be returning to the club at the expiry of their deals.
Jonathan de Guzman's loan deal from Villarreal has also expired but Swans chairman Huw Jenkins confirmed they would be looking in to getting him back for a third spell with the club.
"We will talk to his club and agent to see what his thoughts are - as we did last summer," Jenkins said.
Lita struggled to make an impact with Swansea after his £1.75m move from Middlesbrough in 2011, and he leaves the club after starting only four Premier League games - he had a spell on loan with Brighton & Hove Albion earlier this season.
He is deemed surplus to requirements along with fellow striker Ngog, who joined the club on a short-term deal from Bolton Wanderers in January and made only three substitute appearances.
Lamah spent 18 months in South Wales but he only managed 15 appearances this season, the last of which came back in March, and he will return to Spanish club Osasuna.
Getafe striker Vazquez played 21 times, mostly off the bench, but failed to score and was not deemed part of new permanent manager Garry Monk's plans.
Darnel Situ, Oscar Sielva and Pau Morer have also been released from the club's Under-21 squad.