The club have triggered one-year options in the contracts of Marcus McGuane and Josh Johnson to extend their stay at the club.
McGuane has played 152 times for Oxford United since joining in 2020, making 46 appearances in the 2023/24 season as the U’s earned promotion.
19-year-old Josh Johnson made one first-team appearance in 2023/24 while spending time on loan at Dartford, Welling United and Banbury.
The club are currently in discussions to extend the contracts of Josh Murphy, Joe Bennett and Josh McEachran.
All three players featured during the U’s historic play-off final victory at Wembley Stadium, with Murphy scoring twice in the 2-0 victory.
The club can confirm that the players departing are James Henry, Marcus Browne, Billy Bodin and Steve Seddon.
Henry played 260 times for Oxford United after signing in 2017 from Wolverhampton Wanderers, scoring 57 times across a seven-year period.
Browne enjoyed two loan spells at the club before signing permanently in January 2022, playing 119 times and scoring 19 goals as he helped United back to the Championship.
Bodin spent three seasons at Oxford, playing 106 times and scoring 25 goals, including his memorable strike in our 5-0 victory over Peterborough in the 2023/24 season.
Seddon had spent the 2023/24 season on loan at Burton Albion having signed for United in 2021, making 58 appearances.
The club can also confirm that Kyle Edwards will remain while he continues his rehab from injury.
Head Coach, Des Buckingham, said: “I would like to thank each of the departing players for their contribution to this football club.
“During my time as Head Coach, I had the privilege to work closely with James Henry, Billy Bodin and Marcus Browne. I would like to personally thank them, not just for their effort since I arrived, but for the years of incredible service they have provided the club.
“Each of these players has played their part in our promotion back to the Championship and they will forever be remembered in this club’s history for their hard work and dedication to Oxford United.
“I wish each of the departing players well for their future lives and careers and would like to thank each of them again for their time here.”
Head of Recruitment, Ed Waldron, said: “I would like to offer my thanks to each of the players departing the club. Each has made a significant contribution to this football club over their time and I would like to wish them well for their future.
“James Henry arrived in 2017 and became a key figure in this club’s history, providing some iconic moments over his seven-year period including his hat-trick against Lincoln City, a vital goal against Doncaster to keep us in the division in 2018 and other big goals.
“It has been fantastic to work with Marcus Browne over his three spells with the club and again he has delivered some important moments to help the club on their journey back to the Championship.
“Billy Bodin is another who has played his part in this season’s success and everyone will remember his goal against Peterborough United earlier in the year, with many more special moments over his three years in Oxford.
“Steve Seddon has spent the last 18 months away from the club on loan and we thank him for his time here after signing in 2021.
“While players depart, the recruitment process is in motion for the 2024/25 season in what is set to be an exciting season for the club in the Championship.”