Wolves have triggered the one-year extension clause on John Ruddy's contract.
Ruddy joined the club from Norwich City in 2017.
He has played 60 times for the Midlands club.
Wolves have also released Jordan Graham and Phil Ofosu-Ayeh.
Executive chairman Jeff Shi said: "To the players who are leaving us at this point, I'd like to place on record my thanks for all of their efforts while representing Wolves.
"We wish them the very best of luck in the future, I hope they can all achieve great success in the game."