But Allardyce paid tribute to defender N'Gotty and playmaker Okocha, describing them both as integral members to the club's recent success.
"Jay-Jay and Bruno will go down in Wanderers folklore - not only for what they brought to the club in terms of experience and quality, but also what they helped us achieve during their time here. Nobody will ever forget their contribution."
"We are looking to reduce the overall age of our squad and it was a tough decision not to offer them new deals."
Okocha, 32, has been with the Trotters for four years while 34-year-old defender N'Gotty joined in January 2002.
'Bolton Wanderers Mad' would like to wish them both well in whatever they chose to do.