The Demons made the announcement on the Monday before their last game of 2010.
Miller has played 133 games for Melbourne after he was taken with pick 55 at the 2001 AFL Draft. He played six senior games this season and kicked 10 goals.
Bell has played 66 games since debuting in 2004. He has not played at senior level since round 15 last year, spending all year playing for the Casey Scorpions in the VFL.
Miller, 27 said he was unsure about what his future held, but took time to thank the Demons for his nine-year career with them.
“I’m really appreciative of the opportunities I’ve received at the Melbourne Football Club and I understand the direction the club is taking," Miller said. "I’m now going to weigh up my options for the future but I haven't made any decisions yet."
Bell, 25, said he would look at furthering his AFL career elsewhere.
“I leave here with no regrets and understand the decision the club has made,” Bell said.
“I will be nominating for the national draft and will hope to continue my football career at another AFL club.”
