Town have told first-year pros David October, Mark Timlin, Jonny Leddy, Tom Winter and Jordan Adekunle that they will not be offered new contracts when their current terms are up at the end of the season.
October, Timlin, Leddy and Winter came through the academy, while Adekunle joined the club in the summer after a trial having impressed while playing for Crawley against the Blues in a pre-season friendly.
"It’s the worst week in my season, having to tell them and explain to them why we have to let them go,” manager Mick McCarthy told the club site.
"It’s for the good of them as much as anyone else. I’ve spoken to the academy staff, the U21s and TC.
"We’ve all had a say and we all agree. We’re not saying they are not going to be players. It’s just we believe it won’t be here.”
The quintet will continue to train with Town at Playford Road while they search for new clubs.