Albrighton and Delfouneso released
The 24-year-old Tamworth-born winger made nine Barclays Premier League starts last season and 10 more as a substitute after a loan spell at Wigan Athletic.
He joined the Academy as an eight-year-old and made 101 appearances in total following his debut in the UEFA Cup game at CSKA Moscow in February 2009, starting 48 Premier League games and making a further 38 appearances from the substitutes' bench.
He also featured in 15 cup games, scoring nine goals in total and seven in the Premier League.
Villa manager Paul Lambert said: "We wish Marc the best in his future career and acknowledge the contribution he has made to the Club over the past several years having graduated from our Academy."
Nathan Delfouneso, another Academy graduate who spent last season on loan at Coventry, has also been released.
The 23-year-old striker made four starts in the Premier League and 27 more appearances as a substitute.
He also made 19 appearances in cup competitions, having marked his first team debut as a 17-year-old in the UEFA Cup second round tie against Icelandic side FH Hafnarfjörður in August 2008.
Lambert added: "We also wish Nathan the best for his career and thank him for his efforts since he, too, graduated from our Academy."