Reid, defender Regan Upton, left-back Ben O'Hanlon and forward Joe Delacoe have not been offered new contracts.

Right-back Aaron Simpson, centre half Aaron Hayden and midfielder Conor Levingston will stay at Molineux though after being offered one-year deals with the open of a further season

Welsh Under-19 international Reid has come closest of the released quartet to featuring in Wolves' first team. He was an unused substitute for the 1-1 draw at Nottingham Forest at the end of 2015/16. Recent loan spells at Telford and Wrexham, though, haven't worked out.

O'Hanlon played in the final pre-season friendly before the start of the current season, a 4-0 defeat to Swansea at Molineux, and has since been on loan at Nuneaton, while Upton and Delacoe have featured sporadically for the under-23s of late.

The retained list of the first-team squad, where the likes of Mike Williamson, Jack Price, Silvio and George Saville are out of contract, is on hold while the fate of boss Paul Lambert is decided.

But Wolves have released the under-23 retained list, with all other players within the ranks either already under contract or having had their options exercised.

Sporting director Kevin Thelwell said: "As always, there has been plenty of discussion between myself, Gareth (Prosser), Scott, and all the football staff involved with the players' development over the decisions made regarding the squad.

"We know the importance of these decisions, and spend a long time looking at how the players have performed and the pathway in place for potentially moving through to the first team.

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"We would all like to congratulate those players who have secured new contract offers, and those already signed up for next season, and look forward to them continuing their development and aiming to be amongst those breaking through in the 2017/18 campaign.

"For the players who have not been offered new deals, I would like to thank them for their efforts at Wolves and wish them all the very best for the future.

"They know we are always on hand to give them whatever help they require with regards to trying to stay in the game and find another club."

Wolves under-23s enjoyed a successful season under Scott Sellars, finishing second in their league (losing to West Ham in the play-offs), reaching the final of the Birmingham Senior Cup and the last 16 of the Checkatrade Trophy.

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Sellars said: "It was a bit of a disappointing end with the results this week but that should in no way cloud the fantastic season which the lads have put together.

"As a staff we are really proud of the consistency they have shown and their outstanding efforts over the course of the season.

"We have seen four players make first team debuts, several others go out and feature on loan, many pick up further international experience, and then other younger players come through to enjoy their first taste of Under-23 football.

"To have that pathway in place is vitally important for this football club, and hopefully those lads who return for pre-season will have that same enthusiasm and determination to be the next to make an impression at senior level.

"This time of year is also a sad one when players move on, and I want to thank Regan, Ben, Brad and Joe for their contributions to the academy squads in recent years.

"I wish them all the very best for the next chapter in their lives, and they know that myself and the other coaching staff are always here for them with any help and advice.

"Congratulations to those lads who have the chance to extend their stay at Wolves, and I am looking forward to all the squad returning with the same hunger and desire to have another successful season next time around."