The Magpies have also told former Blue Jordan Russell and rookies Ben Richmond and Michael Hartley that they would not be offered new contracts.
Didak, a popular Magpie for more than a decade, departs after 218 games and 13 seasons in the black and white.
However, the 30-year-old is keen to play on elsewhere.
"I've had an incredible time at Collingwood. We won a lot of games, won a premiership and I met some lifelong friends," Didak said.
"I’ve got a lot to be thankful for and I know I'm going to miss playing in front of the black and white army. I owe them a lot. But I’m not ready for retirement,” he told the Collingwood website.
"The ride has another lap or two to go, I hope."
Didak's time at the club included the 2010 premiership, the 2006 Copeland Trophy as Collingwood's best and fairest and two All Australian nods (2006 and 2010).
He quickly became a fan favourite for his creative play and silky skills.
Word leaked out of Jolly's departure on Monday night, while Krakouer's stint at Collingwood ends after 35 games for the Magpies.
Krakouer made an instant impression in his return to the AFL in 2011, but his second season at the Magpies was interrupted by a long-term knee injury.
Jolly was a pivotal part of Collingwood's 2010 premiership-winning team, but was usurped by boom youngster Brodie Grundy this season.
He played 71 matches for Collingwood, taking his career tally to 237 games with the Magpies, Melbourne and the Sydney Swans. The veteran ruckman has indicated he too is keen to continue his career at another club.
Russell managed just nine games with Collingwood after being traded from Carlton at the end of last season.
Hartley and Richmond did not play a senior game during their time with the Magpies.
Twitter: @AFL_BenGuthrie
