Attacking duo Morelos and Kent are the two standout names to be departing the Gers on free transfers having excelled as key players for the club in recent years.
Morelos moved to Ibrox from Finnish club HJK Helsinki in 2017 for around £1m and went on to establish himself as a prolific goalscorer in the Scottish top flight.
The 26-year-old Colombia international has scored 124 goals and provided 58 assists in 268 appearances for Rangers across all competitions, winning the Premiership Golden Boot in 2018-19 after netting 18 goals.
Morelos, who has been linked with a possible switch to the Premier League, has finished as Rangers' top scorer in four of his six seasons at the club and has won the club's Player of the Year award twice in 2018-19 and 2021-22.
Kent, meanwhile, joined Rangers from Liverpool in 2019 and the aggressive, pacey winger quickly developed into one the most fearsome attackers in the Premiership.
Across all tournaments, the 26-year-old - who has been linked with a potential move to Fenerbache - has contributed with 33 goals and 57 assists in 218 games for the Gers, including three goals and eight assists in 29 Premiership matches this season.
Both Morelos and Kent will depart Ibrox along with long-serving 41-year-old goalkeeper McGregor, who has be granted a testimonial having made over 500 appearances across two spells with the club.
Meanwhile, 34-year-old Canada international Arfield is another to leave Rangers after contributing with 43 goals and 19 assists in 231 appearances across five years at the club.
Swedish defender Helander, who has not made a single appearance for the Gers this season due to a serious knee injury, will also depart having players 60 times for the club since joining in 2019.
A club statement read: "Each of the departing players has given the club excellent service and will move on to the next stage in their careers with the warmest wishes and thanks of everyone at Ibrox and the Rangers Training Centre.
"The individuals have contributed enormously to the club's capture of a record 55th Scottish league title, last season's Scottish Cup, the run to the UEFA Europa League final and qualification for the UEFA Champions League this season.
"Allan McGregor, of course, also gained significant honours with the club in his first spell and broke the 500 appearance mark for Gers back in April.
"Tributes to the departing players will be paid at tomorrow's match with Hearts. Additional acknowledgements to those leaving will continue on the club's digital platforms in the coming weeks, with Allan McGregor to be further recognised in his testimonial match with Newcastle on July 18."
Rangers have also confirmed that 38-year-old midfielder Steven Davis, who is also out of contract this summer, "remains in discussions to continue working with the club's medical team to support his return to full fitness following a long-term ACL injury suffered in December 2022."
Michael Beale's side play host to Hearts in their final Premiership home game of the season on Wednesday night.