Sanderson and Phillips released
Both youngsters are out of contract this summer and have been told they won't be offered new deals.
The U's have parted company with Jordan Sanderson and Shaun Phillips.
Twenty year old Sanderson made his U's debut, from the bench, on the final day of the 2010/11 season and also came on as a substitute in this season's defeat at Leyton Orient.
"It wasn't an easy decision because they are both talented players but there has to come a stage where you make this decision and we were at this stage.
"Based on how long they have been here, what we've got coming up in the Academy and the fact that they haven't really broken into the first team, it is best for them to try their luck elsewhere.
Manager Joe Dunne told the official website that it a tough decision giving the duo the news.
Goalkeeper Phillips, also twenty, has made the substitutes' bench for the U's but has found first team appearances impossible to come by, with Sam Walker and Mark Cousins ahead of him in the pecking order.