The double-winners have allowed Scotland international midfielder Craig Conway to leave at the end of his contract, and striker Guy Melamed is also on the move.
Talks are continuing with Michael O’Halloran and defender Scott Tanser, while John Robertson will also leave.
Rangers midfielder Glenn Middleton – who scored a spectacular free-kick in the Scottish Cup semi-final win over St Mirren returns to Ibrox, and James Brown also heads back to Millwall though talks on his return are also continuing.
Davidson said: “The squad gave the club 100 per cent and that's why we won the Cup double and qualified for Europe.
"As a manager you need to make difficult decisions but it is part of the job. We will now focus on trying to bring in one or two new players for the start of the season.”