25-year old Songo'o joined the Timbers from Spanish club Albacete in February 2012 but has been moved on after just one season in which he made 27 MLS appearances. Songo'o has previously played with Barcelona, Real Zaragoza and Portsmouth among other clubs.
23-year old Taylor spent two seasons with Portland after arriving at the club via the 2011 MLS SuperDraft and made 16 appearances during his spell.
"We would like to thank Franck for his service to the club last season," said Gavin Wilkinson, Timbers general manager. "With the salary cap restrictions, there are several difficult decisions the club has had to make and we wish him the best.
"Chris worked hard to recover from his injury last season and we would like to thank him for all he has done for the club. We wish him well."