Hand returns to Lincoln after a 13-game loan spell (Getty)
Oxford have released six players in an end-of-season clear-out following a disappointing campaign.
Strikers Craig McAllister and Rob Duffy and midfielders Danny Rose and Carl Pettefer have all been let go.
Meanwhile, Justin Richards and Jamie Hand return to Kidderminster and Lincoln after their respective loans.
Boss Darren Patterson said: "The financial restraints from the wage cap mean we have to make money available to bring in new players."
United will offer new deals to Matt Day and Eddie Anaclet.
The club try to sign striker Matt Green, who impressed during his loan spell from Cardiff.
I have targeted the players I would like to bring in and am excited about the prospects already
Oxford manager Darren Patterson
"We will work hard all summer to bring the right players in. Hopefully Eddie, Matt Day and Matt Green will want to be a part of what we are trying to achieve," added Patterson.
The club revealed that Eddie Hutchinson, Joel Ledgister and Alex Jeannin remain on the transfer list, but no mention is made of top scorer Yemi Odubade, suggesting he could have a future at the club.
Michael Howard has returned to Morecambe after his loan spell but the club hope to speak to him again over the summer.
Young striker Matt Taylor has also been offered a new contract.
Because of injury problems, Michael Blackwood returned to Kidderminster before his loan at Oxford ended. Neither club is offering him a new deal.
Patterson added: "I have targeted the players I would like to bring in and am excited about the prospects already."
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