The club's record £8.2m signing from Toulouse three years ago joins Jlloyd Samuel, Joey O'Brien, Tamir Cohen, Sam Sheridan, Maison McGeechan and Tom Eckersley in leaving the Reebok Stadium after the expiration of their contracts.
"I have had three good years at Bolton, especially the last 18 months, but the time is right for a new challenge," Elmander, who scored 12 goals last season, told the club's official website.
"The manager [Owen Coyle] is one of the best I have worked with and he helped me re-ignite my hunger for the game."
Elmander is expected to join Galatasaray after the Turkish club last week announced they have agreed a deal in principle for the 29-year-old.
Manager Owen Coyle said: "I wish all the players who are departing the club all the very best. I want to thank them for their efforts and professionalism. Ultimately when these decisions come about they're made for footballing reasons."
Daniel Sturridge and Rodrigo will both return to their parent clubs Chelsea and Benfica following their respective loan spells.
Coyle added: "Daniel and Rodrigo have both come into the club on loan deals and have done wonderfully well. We like young and exciting players at the football club and the two have shown they have the potential to continue to grow and develop."
www.bwfc.co.uk
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