The Baggies boss has parted company with midfielder Mark Kinsella, strikers Delroy Facey and Morten Skoubo and goalkeeper Dan Crane.
Defenders Phil Gilchrist (pictured), Joost Volmer, Alassane N'Dour and Tamika Mkandawire have also been released from The Hawthorns -as all eight players are due to have their contracts expire at the end of next month.
Megson, meanwhile, has retained midfielder Lloyd Dyer, goalkeeper Simon Miotto and youngster Simon Brown for next season.
The club will exercise their option to extend Dyer's contract for another year while Miotto has agreed the offer of a one-year contract with West Brom.
The Baggies are also exercising their option to extend young striker Brown's deal with the Black Country outfit.
