Arshavin, Squillaci and Denilson all leave the Emirates Stadium on a free transfer.
Arsenal have confirmed that Andrei Arshavin, Sebastian Squillaci and Denilson will all leave the club this summer.
The trio are out of contract and their exits will free up a significant funds for wages, as Gunners boss Arsene Wenger looks to make a splash in the transfer market ahead of next season.
Russia international Arshavin joined the Gunners in 2009, following a series of stunning displays at Euro 2008.
The playmaker showed glimpses of brilliance in his 144 appearances for the club, most notably scoring all four goals in the 4-4 draw with Liverpool at Anfield in April 2009.
But the 32-year-old’s inconsistency frustrated Wenger and the ex-Zenit St Petersburg star managed just 11 appearances last term, after returning from a loan spell at his former club last summer.
Squillaci, meanwhile, departs after three seasons in north London. The 32-year-old Frenchman was a first team regular in his first campaign after arriving from Sevilla in 2010 but has made just one league appearances in the past two seasons.
Denilson has spent the last two seasons on loan at boyhood club Sao Paulo in Brazil, and is likely to join the Brasileirao outfit permanent following his release.