Peter Ramage and Owen Garvan are among five players who will not be offered new contracts by Crystal Palace at the end of the season.
Crystal Palace boss Alan Pardew reckons it is best for Yannick Bolasie to stay at Selhurst Park for another season.
The Turkey international moved to Spain from Galatasaray in 2011, helping Atletico win the Europa League in his first season and the Copa del Rey last term.
The 26-year-old told the club's website: "I feel very happy to have extended my contract with Atletico.
"After two years with Atletico I I feel like part of the family which is the club. If I'm so happy at the club, its because my team-mates are so strong and we're all in this together."