Wilbraham made 16 starts and 9 substitute appearances since City paid £100,000 to sign him from Stockport, but scored only 4 goals and failed to make his mark.
Walters was signed in February 2004 from Bolton for £50,000 after previously impressing in a loan spell at the KC Stadium, but since making his move permanent he's found the net just 3 times in 11 starts and 30 substitute appearances.
Taylor has told them both that they are unlikely to make his first eleven in the future, and will be allowed to seek better opportunities at a lower level if anyone comes in for either of them.