Kelvin Langmead signed a two-year contract earlier on Tuesday and Guttridge, O'Donovan, Lee Collins, Ben Tozer and Ben Harding have been offered fresh terms.
The Cobblers have also offered a deal to defender Nathan Cameron, who enjoyed a successful spell on loan from Coventry. He has been released by the Sky Blues.
Adebayo Akinfenwa, John Johnson, Louis Moult, Jake Robinson, Lewis Wilson, Paul Turnbull and Seth Nana Twumasi have all been released.
A statement read: "We would like to place on record our sincere thanks to all of the departing players for their efforts and wish them well in their future careers."
- Ben Tozer
- Nathan Cameron
- Ben Harding
- Lee Collins
- Louis Moult
- Jake Robinson
- Kelvin Langmead