The duo were among 10 players who were told their contracts would not be renewed come the end of the 2019/20 League Two season.
Neither was a surprise given Roche hadn’t played after taking on a role as the club’s goalkeeping coach following Derek Adams’ arrival as manager at the Globe Arena last November.
In Ellison’s case, he had been widely tipped to depart, having failed to figure since a late appearance off the bench in the New Year’s Day defeat at Bradford City.
Roche joined in 2008 and made more than 450 appearances for the club.
Ellison signed for the Shrimps in 2011, playing more than 350 times and scoring in excess of 80 goals along the way.
Shrimps’ co-chairman Graham Howse praised the pair on behalf of the club.
He said: “While we thank all players departing the club it would be remiss of us not to single out Barry Roche and Kevin Ellison. Both are club legends who have entertained us, thrilled us and played a massive part in ensuring we maintained our EFL status over many years.
“They created long-lasting memories for us all.
“Barry will always be remembered for his goal against Portsmouth and who can forget the saves he made at Coventry that helped us stay in the league?
“Kevin was Jim Bentley’s first signing and was a huge character on and off the field.
“He is the club’s record goalscorer in the Football League and scored a host of special goals that will remain in the memory for a long time.
“Barry and Kevin will always be club legends and we want to thank them for their fantastic service to the club and the community.”