Wolves transfer list four of their top earners

The club released a statement saying: "Following the squad's return to pre-season training this morning, head coach Kenny Jackett spoke individually to the four players to inform them of his decision.

"Conversations had already taken place with the players' agents throughout the close season, as Wolves prepare for the League One campaign."

Johnson and O'Hara are the two most toxic names associated with the club's sharp decline which has seen them fall from the Premier League to League One in two seasons.

Long-term captain Henry, who lost the armband to Kevin Doyle in the spring, and Ward are the two longest-serving players, having made 272 and 245 appearances respectively.

Jackett later explained the decisions were not made purely for financial reasons as Wolves come to terms with having third division players on largely Premier League wages.

He said: "I have spoken to the four lads who have gone on the transfer list because I want to be honest with them and tell them they are not part of my plans.

"They understand my reasoning. We will also be seeing what interest there is in the whole of the squad.

"Suffice to say that changes do need to be made as it needs to be a young and vibrant Wolves side coming out fighting. And the turnover has to be quick because we start again on August 3."

Ward, who has two years left on his deal, and Henry, who has one, are now likely to attract interest from former Wolves boss Mick McCarthy at Ipswich.

But there is likely to be compromise needed on both sides to smooth the departures of the £5million former Tottenham man, who has three years left of a lucrative contract.

Johnson has two years remaining on the deal he signed following his £4million move from Birmingham in summer 2011.