Full-backs Adam Smith and Danny Blanchett and striker Danny Crow as well as Low have all been told they have no future at the club, while as expected Posh will listen to offers for goalkeepers Mark Tyler and Shwan Jalal.

Low is believed to be the second highest earner at Posh behind club captain Micah Hyde.

Posh Director of Football Barry Fry, who will be in charge of all transfer negotiations, said: "The manager has been honest and up front with the players he doesn't believe have a future at the club.

"They include Josh Low, who has suffered because of the emergence of Chris Whelpdale. It's no secret that Josh and Micah Hyde are the highest paid players at the club as we signed them from Championship clubs when they were earning Championship wages.

"I believe we would let Mark and Shwan go if the right offer came in. I have had an inquiry from Luton about Tyler and from another club about Jalal."

Nothing is expected to happen in the next seven days as Fry and the rest of the Posh management team are heading to the Bahamas tomorrow as a reward for winning promotion from League Two from chairman Darragh MacAnthony. The entire playing squad and staff were guests of a grateful chairman at a five-star London hotel over the weekend.

Low scored the first Posh goal of the season, but went on to start only nine matches as manager Darren Ferguson favoured Whelpdale, a rookie signed from non-league Billericay Town, in the right-wing position.

Posh would expect a fee for a player that cost them in the region of £75,000 18 months ago. They could also collect nominal fees for loyal servant Tyler and Jalal.

Tyler has been on loan at Hull since losing his first-team place to record Posh signing Joe Lewis in January, although a back injury will keep him out of the Championship play-offs.

Jalal went on loan to Morecambe in the second-half of the season, but ended up in their reserves, while Crow finished the campaign on loan at League Two rivals Notts County.

Left-back Blanchett started just one match this season, while Smith has not featured at all. Posh have also released right-back Claude Gnakpa after failing to agree a new deal with the out-of-contract Frenchman.

Ferguson has stated that he is seeking a right-back, a winger, a midfielder and a centre-back.