Other names to be shown the exit include striker James Wilson and Matty Willock.
Herrera confirmed he was leaving the club after they decided against extending his deal.
He arrived from Athletic Bilbao in 2014 and won the FA Cup, League Cup and Europa League.
Paris Saint-Germain is his most likely destination.
Ecuadorian Valencia has ended a decade at Old Trafford after making just eight appearances in the just-concluded season.
He played made 338 times in total, scoring 25 goals while lifting the Premier League, Europa League, FA Cup and League Cup.
Striker Wilson announced himself on the big stage in 2014 when he scored a brace on his senior debut against Hull.
Despite being touted as one for the future, he struggled and had to be loaned out to Brighton, Derby, Sheffield United and more recently Aberdeen.
With plenty of youngsters leaving, United are set to complete the signing of Swansea’s Daniel James.
Players released by Manchester United
Josh and Baars Bohui