Tasos Avlonitis, Alex Tziolis, Lennard Sowah, Andraz Struna and Dylan Bikey all signed short-term deals with the club amid some heavy mid-season recruitment.
Winger Choulay will return to Stoke City after the conclusion of his five-month loan.
Only Aaron Hughes, Malaury Martin and Esmael Goncalves remain from the influx of players brought in during the January window.
A statement on the Hearts website read: “Hearts can today confirm that six players will leave the club upon the expiration of their contracts at the beginning of next month.
“Tasos Avlonitis, Alex Tziolis, Lennard Sowah, Andraz Struna, Moha Choulay and Dylan Bikey will all move on to pastures new having joined the club on short term deals in January.
“All six players leave with the club’s best wishes.”