Stewart and Foley are two of the five players leaving Dean Court
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Bournemouth boss Kevin Bond has acted following their relegation to League Two by releasing three players.
Goalkeeper Gareth Stewart, 28, leaves after nine years, while midfielder Steven Foley, 22, has been sidelined since December 2006 with a back injury.
Also leaving Dean Court is former Norway midfielder Jo Tessem, 36.
Neil Young, 34, had already announced he is emigrating to Australia, and is joined in retirement by fellow veteran defender Russell Perrett, also 34.
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606: DEBATE
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Meanwhile, youth team trio Ryan Pryce, Joe Partington and Josh McQuoid have all been offered professional terms.
Goalkeeper Pryce, midfielder and Wales Under-19 captain Partington and attacking midfielder McQuoid have all made first-team appearances this term.
Young and Stewart, who joined in 1994 and 1999 respectively and made 686 first-team appearances between them, had been the only two remaining players who were signed during Mel Machin's term as manager.
Foley was signed from Aston Villa by Machin's successor Sean O'Driscoll in 2005.
Bond had recruited Perrett on a free transfer last summer, and ex-Southampton man Tessem on a short-term deal earlier this year.
The Cherries have eight other players out of contract this summer - including skipper Darren Anderton - but no new deals can be signed while the club remains in administration.
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