The club's official website said: "Arsenal would like to take this opportunity to thank them for their contribution and wish them well for the future."
Russian 32-year-old Arshavin made 144 appearances for the North Londoners, scoring 31 goals - four of which famously came in a thrilling 4-4 draw at Anfield against Liverpool during his debut season.
Unfortunately, Arshavin's stint at the club fell below the standard set by his dazzling start to life in England and he spent a chunk of 2012 back in Russia on loan at first club Zenit Saint Petersburg.
Denilson joined from Sao Paulo in 2006 and also found himself back at his boyhood side on loan despite a strong 2008/09 season for the Gunners.
And Frenchman Squillaci was signed by Arsene Wenger in 2010 from Sevilla, only for first-team opportunities to diminish with each of his three passing years at the Emirates.