Ryan McGuffie has left Morton to join Queen of the South while fellow midfielder Erik Paartalu has exited the Greenock club to join Brisbane Roar.
Striker Kevin Finlayson and midfielder Steve Masterton have been told they are free to find new clubs.
But the duo's future could be reviewed once a new manager is appointed following the sacking of James Grady.
Division One rivals Queens have confirmed that they have signed the 29-year-old McGuffie on a one-year deal.
The former Newcastle United and Gretna midfielder was born in Dumfries.
I wasn't quite sure what my future was at Morton as there was talk of cutting their squad
Queen of the South midfielder Ryan McGuffie
And he told his hometown club's website: "I've been a professional footballer for 11 years and it's now nice to be a Queen of the South player at last.
"I felt Queens were a team on the up-and-up and had the nucleus of a really decent side.
"Last season was a good one for them and they finished fourth with 56 points, so I'm hoping we can push forward that wee bit more this time and hopefully gain promotion.
"I wasn't quite sure what my future was at Morton as there was talk of cutting their squad, so when Kenny Brannigan approached me and offered me a contract I accepted. He was very positive and that helped make up my mind.
Paartalu has moved back to Australia with Brisbane
"Kenny's a real 'down to earth' character and speaks his mind and he has 'no airs or graces' and you know where you stand with him.
"Being a 'Doonhamer' and playing for Morton I had my fair share of 'boos' when I turned out at Palmerston, but that all comes with the job. I'd like to think I can alter that and change those 'boos' to 'cheers'."
Queens had already added to their squad by capturing 19-year-old winger Daniel Carmichael from amateurs Gretna 2008, a player well known to McGuffie.
"I could almost kick a ball from my garden to his," said the former Morton player.
The 24-year-old Paartalu is also a former Gretna player and returns to his homeland after two seasons with Morton.
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