Max Johnson, Chris Hogg, Gil Blumenshtein, Dani Sanchez and Eric Odhiambo will not be offered new contracts when their current deals expire at the end of the season.
Long-serving quartet Grant Munro, Roy McBain, Stuart Golabek and Russell Duncan were told on Monday that they would not be offered deals.
Defender Chris Innes is the 10th out of 15 players whose deals are set to expire who will not be at the Tulloch Caledonian Stadium next season, having announced last week that he wished to leave for family reasons.
Butcher said: "I can't thank all of them highly enough, or praise them enough, for everything they've given to me and the club. I would like to wish them every success in the future."
Butcher has made contract offers to the other five players - Stuart Duff, Adam Rooney, Gavin Morrison, Shane Sutherland and Kenny Gillet.
And Ross Tokely is staying at the club after a clause in his contract sparked a one-year extension.
Butcher is also set to lose Burnley forward Alex MacDonald and Blackburn winger Aaron Doran when their loan deals expire at the end of the campaign.
However, Butcher has already expressed an interest in bringing Doran back to the club next season.
While Doran may yet have a future at Caley Thistle next season, Johnson, Hogg, Blumenshtein, Sanchez and Odhiambo will all depart.
Source: PA
Source: PA