Brazilian duo Pedro Henrique dos Santos Calcado and Elton Alexandre da Silva were released by Balzan and will be returning to Brazil.
The two players played a key role for Ivan Zammit’s side with Elton scoring fourteen and Pedrinho eight of the thirty four goals scored by Balzan.
Balzan start the Relegation Pool on fourteen points, seven ahead of Melita and eight ahead of Rabat.
Meanwhile Obinna Obiefule moved to Chinese League One side Harbin Yiteng before actually making his debut for Hibernians.
The Nigerian striker had joined the Paolites in the January transfer window after being released by Mosta.