Among those to terminate their contracts are William Carvalho, Rui Patricio, Gelson Martins and Bas Dost.
The move was made after a group of around 50 fans descended on the club's training ground and attacked staff and players after the club missed out on a spot in the Champions League on the last day of the season.
In the incident, striker Dost suffered a head injury and police were able to detain 20 suspects following the attack.
This exodus follows a tumultuous time at the Estadio José Alvalde, when in April the president took to social media after the Europa League defeat to Atletico Madrid to announce the suspension of 19 players, but later deleted the posts.