Walcott made 23 appearances on loan for his first club Southampton last season.
Theo Walcott heads list of Everton's released players with Josh King, Yannick Bolasie and Mo Besic.
Also, Norwegian striker Joshua King signed a short-term deal in January but failed to score
Bolasie signed for £25million back in 2016 but had an injury-hit spell at the club.
A statement said: 'Everton can confirm Joshua King, Theo Walcott, Yannick Bolasie and Muhamed Besic will leave when their current contracts expire at the end of the month, while on-loan goalkeeper Robin Olsen will return to his parent club Roma.
'Everton wishes to thank all departing players for their contribution throughout their time at the club.'
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