Defenders Lewis Buxton, Joe Mattock, Kamil Zayatte, Rafael Floro, Dejan Kelhar and Matt Young, midfielders Giles Coke, Paul Corry and Rhys McCabe, striker Gary Madine and winger Jacques Maghoma will all depart Hillsborough.
Head coach Stuart Gray told the club’s official website: “Releasing players is never an easy process because I have worked with these boys for some time.
“They are good, honest professionals who have given me nothing but their full support since I took on the role of head coach.
“I would personally like to thank the players and wish them nothing but the best for the future.”
The Owls have started dialogue with goalkeeper Chris Kirkland, midfielders Kieran Lee and Jose Semedo, skipper Glenn Loovens and forward Chris Maguire.
On-loan players Lloyd Isgrove (Southampton), Will Keane (Manchester United) and Lewis McGugan (Watford) have returned to their parent clubs.