Sorensen, 38, who has more than 100 caps for Denmark, played 129 times for Stoke after signing from Aston Villa in 2008.
Palacios, 30, joined from Tottenham in 2011 and played 53 times.
Stoke have also released defender Andy Wilkinson, who has been at the club for 15 years.
(Reporting by Steve Tongue; Editing by Amlan Chakraborty)
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