Defender Figueroa joined the club in 2013 after five years with Wigan Athletic.
Striker Sagbo signed from French club Evian two years ago.
Among the other players released are long-serving pair Paul McShane and Liam Rosenior.
Manager Steve Bruce told the club's official website,(www.hullcitytigers.com): "Regrettably following relegation, we have made the decision to release the majority of those players whose contracts have expired.
"The aim now is to retain as many of the remaining squad as possible and look to add some new faces this summer as we bid to compete at the top end of the Championship and bounce straight back into the top flight."
(Reporting by Steve Tongue; editing by Justin Palmer)
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