Russell has been linked with a return to Torquay United
Yeovil Town midfielder Billy Gibson has accepted the offer of a new one-year deal, while midfielder Alex Russell has left the club.
Gibson, 20, joined the Glovers from Watford last summer and made five appearances for the League One side.
The well-travelled Russell, 38, who has played for eight Football League sides, joined Yeovil on a short-term deal in January and made 14 appearances.
He has been linked with a move back to
former club Torquay as player-coach