Former captain Alexandre Lacazette headlines the departures, with the 31-year-old bringing an end to a five-year spell in North London since a £47.7m arrival from Lyon in 2017.
Lacazette was handed the armband for the second half of the 2021-22 season and leaves having scored 71 goals and set up 36 more in 206 games for the club, in addition to winning the FA Cup.
The striker is already confirmed to be heading back to Lyon on a three-year deal, and he headlines a list of seven Gunners players who will officially depart in a couple of weeks.
Eddie Nketiah's current deal is due to expire this summer, and his name appears on Arsenal's list, but the club have confirmed that the striker has been offered a new contract.
The list states that discussions are "ongoing" regarding a new deal, which is believed to be a five-year agreement with a weekly salary of £100,000 after his strong end to the season.
A total of three players have been released from the women's squad, although as is the case with Nketiah, the club are in discussions with soon-to-be free agent Lydia Williams.
The versatile Lisa Evans will head for the exit door after five years in North London, during which she was a part of the 2018-19 Women's Super League-winning team.
Evans spent the 2021-22 season on loan at West Ham United and leaves Arsenal having registered seven goals and eight assists in 62 WSL matches for the Gunners.
Tobin Heath also leaves the club after her early exit was mutually agreed upon earlier this year, with the USA forward scoring three goals in 17 outings during her only season with Arsenal.
Austrian defender Viktoria Schnaderbeck completes the trio of departures from the women's setup, and the 31-year-old leaves after spending the second half of the 2021-22 season on loan at Tottenham Hotspur.
Three youth players have also ended their time in North London, as 20-year-old Joel Lopez departs without making a senior appearance for the club since signing from Barcelona in 2018.
The closest the Spaniard got to a first-team debut was a spot on the bench for the first leg of Arsenal's Europa League quarter-final with Slavia Prague at the Emirates last season.
Former Tottenham centre-back Jonathan Dinzeyi leaves after a two-year spell, during which he made 22 appearances for the Under-23s and spent half a season on loan with Carlisle United last term.
Finally, 21-year-old Jordan McEneff brings an end to a six-year spell in Arsenal's youth setup, which saw him score one goal in 25 games for the Under-23s.