Hamburg will try to move five players on during the winter transfer period to cut wages and generate transfer income.
The club spent €20 million on new players over the summer, making them the highest spenders after Bayern Munich during the last transfer window.
After the addition of players such as Rafael van der Vaart, Milan Badelj, Petr Jiracek and Rene Adler, Hamburg are set to reduce the size of their squad, which currently contains 29 players.
Hamburg general manager Frank Arnesen has been told to save €6.4 million during the winter transfer period, either by reducing wages, selling players, or both.
Bild has published a list of five players who are reportedly no longer wanted at Hamburg: Czech goalkeeper Jaroslav Drobny, Serbian defender Slobodan Rajkovic, German midfielder Robert Tesche, Norwegian midfielder Per Skjelbred and Swedish striker Marcus Berg.
All the players on the list, apart from 33-year-old Drobny, are in their mid-20s and could be expected to fetch reasonable transfer fees.
"We have informed the players. I have talked to their agents," said Arnesen, who also hinted that loan moves were a possibility. "For some, it might even better to leave the club to get match practice."
However, Arnesen also claimed Korean starlet Heung Min Son would not be sold in January, despite several Premier League clubs reportedly interested in making a move in the forthcoming transfer window.