Portsmouth have confirmed the release of Noe Pamarot, Lauren, Glen Little, Djimi Traore and Jerome Thomas.
Former Arsenal and England defender Sol Campbell and Nigeria striker Kanu have both come to the end of their current deals.
However, Pompey executive chairman Peter Storrie revealed talks with the duo could take place to extend their stays.
veteran defender
"There are not any discussions going on with Sol at the moment. In terms of whether there will be further discussions, we will look at it next week," Storrie said.
"Kanu has the option of another year, which he is considering."
Although veteran defender Hermann Hreidarsson, 34, has agreed a new one-year contract at Fratton Park, Bolton have completed the signing of Sean Davis on a free transfer - six months after Portsmouth rejected a £3.5m bid for the midfielder.
Pompey have yet to confirm a permanent management team for next season, after Paul Hart and Brian Kidd took charge over the closing months of the season following Tony Adams' dismissal.