Striker Proctor, 31, scored 12 goals in 2021-22 as Vale went up via the play-offs while midfielder Pett, also 31, has played 83 games across two seasons.
Goalkeeper Lucas Covolan, 31, forward Rory Holden, 25, and 21-year-olds Derek Agyakwa and Sam Robinson have left too.
Dan Jones, David Worrall, Ben Garrity, James Wilson and Mal Benning are in talks to extend their Valiants’ stays.
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All five are out of contract this summer at Vale, who finished 18th in League One but sacked boss Darrell Clarke late in the season after a run of 11 defeats in 18 matches threatened to plunge them into danger.
The departure of Covolan, who spent last season on loan at National League side Chesterfield, was not unexpected while Holden made just three league starts and Agyakwa one substitute appearance.
Pett, however, played 30 league games in Vale’s first campaign back in the third tier and Proctor featured in 20, although he was used mostly off the bench, while midfielder Robinson appeared 22 times.
“This part of the year is always a difficult time in football where we say goodbye to players that have played a huge part in our history,” Vale’s director of football David Flitcroft told the club’s website., external
“They leave with gratitude and best wishes of everybody at the club for the way they have committed themselves to grow and progress Port Vale over the past two years.”
Aidan Stone, Lewis Cass, Nathan Smith, Tom Conlon, Funso Ojo, Will Forrester, Gavin Massey, Ellis Harrison, Tommy McDermott and James Plant all remain under contract with Vale.
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