He was among the players who won three successive promotions under Parkinson, but has not played for Wrexham since suffering a serious knee injury in February 2025.
Having returned to fitness last November, Cannon moved to Burton Albion on loan in January and played 17 times for the League One side.
Youth product James, 20, has played nine times – and scored once – for Parkinson’s side, though he managed only one League Cup appearance in 2025-26.
Wrexham have also extended the contracts of two more homegrown youngsters, midfielder Alex Moore and forward Rio Owen.
But goalkeeper Egan, 20, departs without playing a senior game since signing as a free agent last September.
Winger Edwards, wing-back Kelly and defender Purvis will also leave having failed to make the first-team breakthrough at Stok Cae Ras.
