The Daily Echo says the first to go are likely to be those who are out of contract this summer.
Six players see their deals expire at the end of June and it is unlikely any of them will be offered new terms.
Saints have sent a host of senior players out on long term loans and the majority of those only have a year left on their contracts, meaning lower division clubs may be interested in signing them for what would be a relatively low fee.
Aaron Martin, Jonathan Forte, Lee Barnard, Dean Hammond and Tadanari Lee all fall into that category. The same could also be said of Richard Chaplow, whose deal also expires next summer, and Steve De Ridder.